Your trading account is extremely useful to carry out trades in various assets. It plays an important role in wealth creation. Your trading account is very important, and its misuse can be very harmful to you. If your trading account is compromised, it can lead to huge losses, with you losing all your funds or illegal transactions being carried out. Cyber crime in recent times has increased drastically, so one must do their best to protect their trading account. Cyber security is an important aspect, and one must emphasize it as it can be very helpful to secure their trading account.
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How do you safeguard your trading account?
There are multiple ways of safeguarding trading accounts and making them secure. Although following all of them doesn’t guarantee safety, it makes it less likely to get hacked and have any damage.
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Passwords
Do not use generic passwords. The easier the password is to guess, the more likely you are to get hacked. Ensure that your password doesn't have anything common, like your name or the name of someone you know. Try not to include special or important dates like birthdays, anniversaries, etc. Along with this, try not to use the same password in multiple places. Having a unique password for every account is the safest option, as one account getting compromised does not put your other accounts in jeopardy.
Changing your passwords regularly can be extremely beneficial, ensuring that anyone trying to guess them has to start all over again. Avoid sharing your login credentials and details, as well as any additional information about your account, with anyone who guarantees to trade on your behalf. They could be trustworthy, but it can be harmful in the long run.
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2 Multifactor Authentication
Your password, although secure, is never fail proof. A great way of enhancing security for your trading account is to add additional authentication steps. Additional steps that can be taken include biometric login or a One-time Password (OTP). This ensures that even if your password is compromised, your account can not be accessed and misused.
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Avoid Multiple Access Points
Always avoid using multiple different login points.Never use an unknown or public device to access your trading account. Such devices could act as weak points and steal all the data to access your account. This can be dangerous for you, as they could have malicious firmware or some other vulnerability to exploit to extract data from the device. Avoid using public wifi or unknown cables to access the internet, as you could get compromised due to them as well
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Awareness
It’s crucial to be aware of any software or file that you’re downloading on your device. Be careful while clicking on random things on websites you visit. It can be very dangerous if you click on a malicious link or visit an insecure website. It’s better to never wander on the internet due to unlocking links, as it could compromise your security.
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Security Measures
It is advisable to have a separate device for trading, which can make it difficult for anyone else to access. Along with that, having the latest and most robust antivirus is a good protective measure. Regularly update your security measures to keep up with the latest threats.If you use your smartphone for trading, you should install security updates on a regular basis.
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Alerts
Enable the alerts or notification option in your trading account. This ensures you will always receive an update if there is a transaction in your trading account. Apart from this, you can keep track of your portfolio by checking all transactions made through the account regularly. Any transactions that raise suspicion could be a cause for concern. This ensures that your account isn’t accessed by an unknown party.
How to Know if an Account has been Compromised?
It can be very unfortunate if your trading account is compromised. Here are a few things you can check to see if there are any issues with your trading account.
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Unknown transactions or deposits
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Missing funds or assets from your account
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Unknown accounts linked to your trading account
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Alerts of trades you did not carry out
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Account statements that are missing or transactions that you made are not included.
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Suspicious activity on your trading account, like an update on your mobile or an email ID unknown to you.
If you discover such activities, you must immediately change your password. Along with that you must contact your broker and inform them so that they can take the necessary steps to secure your trading account.If you use the same password for multiple accounts, make sure to change it to stay safe.
What happens in online frauds and thefts?
If you are ever the victim of online fraud or theft, you must first contact your broker and change the passwords to your account. If possible, freeze the account to avoid any further losses and frauds. In case you lose any money, there might be a chance you can get everything back. You can approach authorities, who, with the help of various tools and technology, manage to find the perpetrator and return what belongs to you. Understand what is zero brokerage account & it's benefits to get started in the stock market.
Conclusion
Safeguarding your trading account is extremely crucial for the safety of your assets. Your trading account is linked to your demat account and bank account. If it is compromised, you could end up losing many shares, or some money from your bank account could go missing. Take all the necessary steps to protect your trading account and have a good trading experience.Learn how to withdraw money from your trading account safely and efficiently to ensure you have full control over your financial transactions and assets.
