In another thread the same Reddit poster writes: "I was just told by e-trade that the stocks were sold and the amount was already transferred out to an unknown BOA account."
It sounds like ACATS has absolutely no security whatsoever. If someone knows your account numbers, and has enough information to set up a fake brokerage account in your name, they can pull your money away, sell it, and transfer it out before anyone can stop it.
Ah I had something similar happen in Switzerland. Still getting a sad feeling when I lookup the current values of my then stock portfolio. Don’t understand why it’s possible
It's absolutely insane that all the top comments on the thread are seemingly defending the brokerage and placing the blame on the customer for not enabling the "lockdown" feature?
Not losing your money is the absolute bare minimum for any brokerage or bank. You don't forfeit FDIC insurance by forgetting to enable the "don't lose my money" feature.
Crypto is speed-running all the history of financial regulation. This would have been prevented with D+2 settlement and actual humans in the loop verifying transactions.
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[ 5.2 ms ] story [ 39.5 ms ] threadIn another thread the same Reddit poster writes: "I was just told by e-trade that the stocks were sold and the amount was already transferred out to an unknown BOA account."
It sounds like ACATS has absolutely no security whatsoever. If someone knows your account numbers, and has enough information to set up a fake brokerage account in your name, they can pull your money away, sell it, and transfer it out before anyone can stop it.
Not losing your money is the absolute bare minimum for any brokerage or bank. You don't forfeit FDIC insurance by forgetting to enable the "don't lose my money" feature.
The thread has to be completely astroturfed.
Oh wait, no! Wrong thread...