Robinhood users report fraudulent account activity, left in ‘limbo’ they say

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He immediately attempted to contact Robinhood’s customer address, sending a flurry of emails late Thursday. Rao even went as far as contacting the company’s executive team on LinkedIn. It wasn’t until Friday that Robinhood finally responded and unfroze Rao’s account.

The reply given to Rao is reportedly the same as what other fraud victims have received:

“We understand the sensitivity of your situation and will be escalating the matter to our fraud investigations team. Please be aware that this process may take a few weeks, and the team working on your case won’t be able to provide constant updates.”

Robinhood app security is questionable

Rao made it clear that he had a unique password and two-factor authentication on his Robinhood account. It appears it made zero difference.

In some cases, individuals have reached out to the Securities and Exchange Commission (SEC) for assistance after feeling as if they’ve been left in the cold.

“Unfortunately, it’s a common occurrence that online accounts of monetary value are bought, sold, and traded by cybercriminals,” said Mark Arena, CEO of Intel 471.