Can a Forex Broker get hacked? – The hard truth
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Investors trust a forex broker with their information and money. It means that the forex broker has to put measures that ensure all the client data is secure in their platform. Despite the efforts, there are reported incidents from another forex broker of cyberattacks. Client information gets compromised, and some funds were stolen. The issue got resolved, but there are similar cases with other forex brokers within a short time. It has raised concern if forex brokers are doing enough to protect the funds of their traders.
Can a Forex broker get hacked?
Yes, it is possible to hack a forex broker. Although forex brokers use the most advanced cyber security functions, technology constantly evolves. Cybercriminals develop new methods to penetrate the encryptions placed and attack forex brokers.
How do you know if your Forex account got hacked?
Various ways show your account is compromised.
Unwarranted activities on your account
Once you notice changes on your account you did not permit, chances are high your forex broker got hacked. Security experts that work for forex companies advise forex traders to check their accounts once in a while.
Suspicious activities are like open and closed trading positions, transfer of funds to other accounts. If you get any notification of some activities, contact your forex broker to get help and save your funds.
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(5 / 5)Emails and calls
When your account details leak, you can get several emails from people claiming to be the support team. It means that someone is using your email to open accounts. You can get emails from different companies asking you for investments.
If the emails are persistent and regular, then your forex broker may have gotten hacked. It is easy to differentiate the junk emails from the ones you receive from your forex broker. It is why you have to contact your broker to clarify.
It is also possible to receive calls from new numbers soliciting money or funds from you. Forex traders have to be conscious and report any of these incidents.
If the server is down for maintenance or you cannot access your account
Another reason to suspect your forex broker got hacked, is if you cannot access their website. Some forex traders use the web version to access their accounts. If the server is down without previous information from your forex broker. There are high chances your forex account got hacked.
The forex traders can try to access their accounts, but they are locked out. It means that your username and password don’t work. , Consult customer care if you have their telephone details or other ways to contact them.
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Types of cyber threats to forex accounts
Distributed denial of service
It is when the servers of forex brokers get clogged with more traffic than usual. It prevents users from accessing the website or their accounts. The website or the trading platform will not work as usual and will be slower.
The DDoS attack allows cybercriminals to turn off safety measures put in place. They then access crucial information of forex brokers. It is a problem for forex brokers to address when setting up security features on their servers.
Remote access trojans
It is software that cybercriminals use to control a desktop remotely. It means that they can access all the information on your computer passwords and pins that you use.
It can bypass security features and gain access to your device. This software gets in when you install corrupted software from the internet. It can be from phishing emails that trick the forex trader.
What to do to prevent forex accounts from getting hacked?
Check if the broker you are using is licensed and regulated
This part is crucial for any forex trader who chooses a forex broker. They need to look at the contacts page and the about us page. A licensed forex broker has contacts and information about the company. Check for any licensing and take an extra step to confirm the license.
Unlicensed brokers are susceptible to getting hacked. They could sell client information to third parties. It could lead to their clients getting hacked and losing their funds. Therefore it is crucial to check for regulation.
Ensure that you look at the login password, Too if they allow a strong password or not. Another tip is a forex broker that allows multiple login attempts is not safe. The outlook of the forex broker should help you know if the forex broker is trustworthy.
If it is not user friendly and they guarantee returns or seem to ask for deposits, it is not a credible forex broker.
Use a private computer or a private network when accessing your forex broker
It is easier for attackers to get your account details if you use a public computer. The computer may contain a virus that gives cybercriminals your account details. They use this information to get your account and even access your bank details.
A private network is secure because you are the only one using it and controlling its security. A public network could compromise your security. Because you don’t know who controls the security and who else is using the internet network.
Do not reply to suspicious junk emails
If you get an email or several emails that tell you to verify your account or password, you should ignore them. Try and look at the email addresses if they are the same as your forex broker before you can reply.
These emails contain links with malware that corrupt your computer when you click. If you have doubts about whether it’s your forex broker, use other methods to confirm. These are like phone numbers or social media accounts.
Often reset your forex account password
To enhance the security of your account, make sure you reset your password after some time. Create a notification after six months or after a year and reset your password. It will help you keep your accounts safe from cyberattacks.
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FAQ – The most asked questions about Can a Forex broker get hacked :
Can a forex broker get hacked?
Yes, there are possibilities of any forex broker getting hacked. So, if you are thinking, ‘can a forex broker get hacked,’ there is a simple answer to this question. You must choose a forex broker with a strong reputation as a trader. Besides, the broker should offer the best facilities to a trader so that the traders’ money and investments stay safe with the broker.
How can a forex broker get hacked?
There are several answers to ‘how can a forex broker get hacked?’ However, the most common instances of getting hacked owe to cyber-attacks. A broker is always prone to get hacked by cyberattacks. But most brokers follow security protocols that protect them from getting hacked in any scenario. That is why a trader should sign up with a broker who has a strong security system.
Can a forex broker get hacked if I can’t access the website?
If you cannot access your broker’s website, it is most likely because the broker got hacked. Most people often wonder whether a broker can get hacked if their server is down or they can’t access the website. The answer is yes.
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Last Updated on January 27, 2023 by Arkady Müller
