With mobile apps like Robinhood and Acorns making it easier for people to invest in stocks through their phones, cybercriminals are finding the low hanging fruit quite easily.
Cybersecurity experts say the boom in online stock trading has created a parallel opportunity for hackers. Even the most diligent traders can fall victim to the increasingly sophisticated tactics of today’s digital thieves.
“Cyber hacking has now become the biggest threat to investors’ financial well-being,” said Andrew Stoltmann, a Chicago-based lawyer and former president of the Public Investors Advocate Bar Association. “Unfortunately, brokerage firms haven’t invested the money needed in order to keep cyber hacking of brokerage accounts from happening.”
How are cybercriminals pulling it off?
Gone are the days when a prince from some foreign land emails you asking for short-term financial help in exchange for half of his wealth. Instead, cybercriminals are turning to more realistic “phishing” emails. These emails are designed with information tailored to you but are easily accessible through public records. They are made to look like they are coming from real, established companies or from friends or family members. They are often laced with links or have some kind of call-to-action, encouraging you to share personal financial information.