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Robinhood, the app that brought us the ability to buy and sell stocks for free, one of my favorite brokerages is having people report their funds stolen from the app. In this video I want to show you exactly what’s going on and how to protect yourself.
First, investor emails are compromised, whether that’s through a third party service, or website, or some google chrome extension they downloaded. Step 2, The attacker will at this point usually either delete the email you receive from Robinhood and/or mark it as spam so it goes directly into your spam folder where you will not get notifications from future emails. This is important for step # 3 which is when they go to the Robinhood website, type in your email address and reset your password. However, since it’s in the spam folder you will have no knowledge of this happening.
If your 2 Factor Authentication protection is enabled, 1 of 2 things will happen. First thing that can happen is your phone gets a text with the 6 digits to confirm your login, at this point you should be safe unless your phone was also compromised and they have access to your SIM card via something called a sim swap. The second thing that could happen is you get a notification on your phone that either Authy or Google Authenticator has your 6 digit code. So if you use 2FA with Google Authenticator, the attacker should not be able to access your Robinhood account, unless they physically have your phone and password.
Here’s how you can check if you’ve been affected. Open Robinhood and go to the little person icon on the bottom right again, click on Statements & History and here it will show you the recent history of your account. Click show more and it will show you everything including options, interest payments, dividends, and stocks you should have received if you invited friends, but more importantly, your stock orders and transfers. If you notice anything strange like a transfer you didn’t make, or a stock sale you didn’t authorize, then that’s a good indicator your account may have been compromised. Make sure to scroll through all of it to double check.
If you were affected, here’s what to do. First, get in touch with their support team at robinhood.com/contact , or you can go inside the app in the bottom right hand corner, just click the little person icon, and all the way at the bottom you’ll see help, click on that, click contact us, my account & login, then the second to last option should say my account was compromised and at the bottom a little button will appear that shows “Continue To Agent”.
Secondly, enable 2 Factor Authentication in the app. Here’s how you can do this: go to the person icon on the bottom right and here you will see Two Factor Authentication – enable that right away. Make sure to use the Google Authenticator method instead of SMS. Download Google Authenticator and follow the instructions. Once it’s complete, you should see codes refresh every 30 seconds as a verification method for logging in. This will make your account much more secure.
To prevent getting in trouble with a SIM Swap, the best thing you can do is contact your phone service provider company (preferably email) and let them know that you want a note left in your account. The email should read something along the lines of , “Any SIM card orders to be shipped to my address can only be requested in person. I must physically be present at a store location to pick up said SIM card. No SIM cards can be shipped to me even if I request it over the phone or online”. This way, if something were to happen, you have paper trail evidence and your phone company should now be liable for making you whole again.
Get into the habit of doing this for every single thing that’s sensitive – your banks, bro your credit card accounts, and brokerages. If you have to 2FA enabled and you use the SMS like I was, please do this immediately.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.