Magazine article Modern Trader

Beware of Pirates

Magazine article Modern Trader

Beware of Pirates

Article excerpt

More times than not, the most successful traders have said the key to profitable trading is risk management. Think about it: if you protect your wins, in the end, you'll be successful.

But with the technology age comes technology headaches, and not of the software bug or annoying hardware kind. Rather, it's the potential of identity theft, and even scarier, account identification theft.

[ILLUSTRATION OMITTED]

We've all heard the horror stories of Bank of America and Citigroup customer data being stolen, as well as other large companies, that you would think would be at the forefront of protecting their accounts. So, if those massive firms whose livelihood depend on customer protection can have account numbers stolen, what chance does the average person or the individual trader, have to be safe?

Steve Zwick, our editor-at-large, decided to investigate this for our readers. He outlines his findings in "Barbarians at the gate," (page 62). What he found was most traders should be assured their trading accounts are being well protected by large firms, but up to a point. Hackers are getting professional in their attempts and have formed organized methods of getting information.

I used to think Phish was the name of a rock band, but now learn it's what hackers do when they send an e-mail that imitates your bank, brokerage account, etc. You know, everyone has gotten those e-mails that state it's from your bank, and when and if you click on it, it looks like the actual Web site of your bank. In it they ask for your account info, and if people input it, it is collected by the hackers who use it later on the real site. …

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