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OANDA Security Issues

  • Post #1
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  • First Post: Jul 20, 2012 11:00am Jul 20, 2012 11:00am
  •  CaymanTrader
  • | Joined Jan 2012 | Status: Member | 153 Posts
OANDA

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OANDA is writing to inform you of an incident affecting our client database that occurred between July 14 and 17, 2012. Specifically, on the evening of July 17, 2012, OANDA discovered that one of our employee usernames and passwords was hacked and used in an unauthorized manner that allowed an intruder to view the personal information of a limited number of accountholders in our customer database. Based on our investigation, we believe that this incident may have affected the security of some of the information associated with your OANDA fxTrade account. This information may include (if you provided such information to OANDA) your name, telephone number, address, e-mail address, date of birth, citizenship, employment information, net worth, account numbers and balance, social security number/tax identification number, passport or drivers license number, and financial account information, including the bank account number used to fund your fxTrade account and security question and answer associated with your fxTrade account. Copies of documents sent to OANDA, such as address confirmation or identification documentation, were NOT accessed.

Upon learning of this incident, OANDA promptly disabled the affected username to prevent further unauthorized access to our database. OANDA has also taken additional measures to increase security of our client database and has hired an external firm to audit these changes. Additionally, OANDA has notified the authorities of this incident and will assist with their investigation.

We are aware that this breach creates a risk of identity theft and we are providing you with prompt notification so you can take steps to protect your personal information. This letter provides information regarding the incident as well as steps you may take to protect yourself from identity theft or fraud.

We have investigated and have found no evidence to suggest there was unauthorized activity in your fxTrade account, however, we encourage you to carefully review your recent fxTrade transaction history and to immediately notify us if you notice any unusual activity. Our investigation to date shows that no client funds were misappropriated during this incident. For your security, we encourage you to change the password to your fxTrade account and contact our customer service team to change your security question. Our customer service team will be reaching out to you by telephone to guide you through the appropriate next steps and to answer your questions. You can also reach us by calling +44-20-3151-2050 or emailing [email protected].

Next Steps

We advise you to contact the source(s) you used to fund your fxTrade account (e.g. banks, PayPal, credit card companies) to advise them of the potential breach. Your bank can assist you in taking measures to prevent unauthorized access to your bank accounts. Additionally, we encourage you to place a "fraud alert" on your personal credit file with your local credit reporting agency and order a credit report and review it for any suspicious activity, such as accounts you did not open or inquiries from creditors that you did not initiate. Carefully review the report to ensure the information, such as your address and employment information is correct. Many credit reporting agencies provide a free credit report every year, however, if there is a cost associated with ordering the credit report, please notify OANDA and we will assist with a credit to cover the cost of the credit report. Please contact OANDA if you request assistance with setting up credit monitoring services with your local credit reporting agency. If you suspect someone is using your personal information, please contact your local law enforcement immediately to report the identity theft. Even if you do not find any signs of fraud on your credit report, we recommend that you check your credit reports periodically.

OANDA takes the protection of personal information very seriously, and we regret that this incident occurred. OANDA will continue to diligently investigate this incident and take measures to protect your information. OANDA is committed to ensuring that you are aware of the resources that are available to you to reduce the risk of misuse of your personal information, and we will work with you to help minimize any inconvenience you may experience as a result of this incident.

Sincerely,

///////
Head of Global Customer Service
  • Post #2
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  • Jul 20, 2012 11:55am Jul 20, 2012 11:55am
  •  slow_trader
  • | Joined Jun 2012 | Status: Member | 92 Posts
haha.....another case of PFG........it is coming....
 
 
  • Post #3
  • Quote
  • Jul 20, 2012 12:06pm Jul 20, 2012 12:06pm
  •  doblece
  • Joined May 2006 | Status: Still here. | 2,602 Posts
Didn't get any such communication.
Can't see any reference to it on their forums either.
Is that specific to Oanda Europe? (asking this because of the UK-based email address).
 
 
  • Post #4
  • Quote
  • Jul 20, 2012 2:16pm Jul 20, 2012 2:16pm
  •  CaymanTrader
  • | Joined Jan 2012 | Status: Member | 153 Posts
Yes, it seems only UK clients are affected.

But still, it's worrying.

Also, OANDA seems to have some problems keeping up with their market maker model. After shutting down weekend trading, the reduced leverage for Corn and Wheat CFDs from 50:1 to 30:1.

I'm not trading weekends and neither trading CFDs, but I don't like this trend at OANDA where they dictate people how to trade and what's the best for them.

I think it would be more understandable if they would at least explain that's it difficult for their business and it may threaten their daily operations and not come up with this "to protect our clients" BS.

A trader which signed the contract, must be full aware of the risk in the markets. Let traders trade the way they want.
 
 
  • Post #5
  • Quote
  • Last Post: Jul 20, 2012 2:22pm Jul 20, 2012 2:22pm
  •  doblece
  • Joined May 2006 | Status: Still here. | 2,602 Posts
Quoting CaymanTrader
Disliked
Yes, it seems only UK clients are affected.

But still, it's worrying.

Also, OANDA seems to have some problems keeping up with their market maker model. After shutting down weekend trading, the reduced leverage for Corn and Wheat CFDs from 50:1 to 30:1.

I'm not trading weekends and neither trading CFDs, but I don't like this trend at OANDA where they dictate people how to trade and what's the best for them.

I think it would be more understandable if they would at least explain that's it difficult for their business and it may threaten their daily...
Ignored
Indeed there have been plenty of modifications since their change of administration. Let's hope it's just an adjustment period.
 
 
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