Some of you are familiar with an app called Robinhood. Available in the App Store and Google Play Store, Robinhood offers commission-free stock trading for those who make their own stock, option, and ETF trades. While using an iOS or Android app allows traders to always be able to get in or out of a trade no matter where they are, Bloomberg is reporting that several Robinhood account holders have discovered that funds in their brokerage account have been stolen.
While Robinhood says that there has been no breach of its security system, the growing popularity of trading by phone has made these accounts a tempting target for hackers. Making things easier for the thieves is the lack of an emergency number that account holders can call to let Robinhood know that the money in their accounts is being siphoned away by criminals who don't have permission to access these accounts. Even though Robinhood has doubled its customer service team, clients are complaining that they cannot get in touch with the company fast enough to stop them from getting wiped out.
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