As digital transformation continues to impact every aspect of personal and professional life, cybercriminals continue to compromise important data and systems. And, one of the largest growing areas for cybercriminals is investment portfolios and accounts, such as Robinhood.
We’ve outlined some specific tactics and techniques that cybercriminals can employ to gain access to your Robinhood investment and cybersecurity measures you can take to protect your financial assets.
How cybercriminals can access your Robinhood account
Banking Trojan
A banking Trojan, also known as banking malware, is computer software used to access personal information through online banking systems. A backdoor in this computer application allows outside parties to access a computer or copy a bank client’s credentials by mimicking their financial institution’s login web page.
The banking Trojan can masquerade as legal software until installed on a computer. Once installed, it can gain access to computer data and systems, which attackers can use to carry out unlawful transactions, steal clients’ identities, or withdraw client funds and transfer them to their accounts. The FBI warned in 2020 that as more people began banking online during the pandemic, banking trojan attacks would undoubtedly increase.
Ransomware attacks
Ransomware is on the rise, and it is wreaking havoc on businesses and organizations. Unfortunately, it’s also posing a massive threat to cybersecurity. Ransomware is a malware cyberattack where hackers encrypt crucial files, rendering them inaccessible to the victim. Following the attack, the hackers promise to restore systems and data if the victims pay a ransom. Keep in mind that most cybercriminals have already sold your information by the time you get it back.
Social engineering tactics
Social engineering tactics focus on exploiting human error to achieve malicious objectives. These tactics often take a systematic approach by leveraging fear, ego, and a false sense of urgency to trick a user into completing an attack. For example, an attacker could pose as a Robinhood financial expert on the phone, claiming to advise investors on how to move their investments across the Robinhood platform.
Social engineering tactics represent one of the most insidious methods used by hackers to gain access to personal investment accounts. Educating yourself on how to recognize these tactics is crucial. Implementing simple yet effective measures, such as biometric logins and remote wiping capabilities for mobile devices, can significantly enhance the security of your investment accounts.
– Kurt Sanger Cybersecurity Expert
Prepare today for peace of mind tomorrow.
Get occasional tips about keeping your family and home safe — delivered to your inbox.
Three ways to secure your Robinhood investment accounts
Most individuals are at least semi-aware that identity theft and network hacking are possible. In addition, businesses frequently use firewalls, sophisticated IT defense systems, and IT rules to protect themselves from attacks. Below are three ways you can protect your Robinhood investments against cybercriminals.
Secure your mobile device
If you have the Robinhood app installed on your phone, your investments can be at risk. To protect your mobile device, you can take the following steps:
- Utilize biometrics (fingerprints or face recognition) to sign in to your Robinhood investment account.
- Implement multi-factor authentication (MFA) to manage essential operations on your Robinhood investment account.
- Enable a remote-wiping capability on your mobile device to remove sensitive items if lost or stolen.
Update your software
Protecting your Robinhood investments begins with applying all security patches and updates available for the Robinhood mobile application. Also, it’s imperative to use a password manager to create secure passwords on all of your accounts.
Additionally, for your desktop and/or laptop, using a hardware key is the most secure way to ensure that no third party can access your Robinhood account. The easiest to use and best in the business is Yubikey.
Prioritize cybersecurity education
In today’s ultra-connected society, we have access to a wealth of data at our fingertips. Therefore, digital users must prioritize cybersecurity awareness to know how to spot and protect themselves against threats. For example, knowing how to detect social engineering tactics or malicious email attachments helps you remain alert. Above all, cybersecurity awareness training must be continuous and consistent as the number of cyber threats increases.
With the rise in cybercrime, it’s important to protect the financial assets in your Robinhood investment accounts. With some basic cybersecurity actions taken, you will get some peace of mind that your assets are safe and secure. Want to up your cybersecurity game to protect your digital presence? See recommendations on the Batten Marketplace.
