Robinhood enables you to invest better and grow your wealth. However, you can lose all your investments to hackers in the blink of an eye. So, what can you do if your Robinhood account gets hacked?
Some things to consider include using strong passwords, enabling two-factor authentication (2FA), updating your app, and more.
Continue reading to learn how to reclaim your account and safeguard it from cybercriminals.
What to do if your Robinhood account gets hacked in 2023?
Cyberattacks on Robinhood can be devastating. Thankfully, reclaiming your account is easy.
Here are the most important steps:
- Change your password to immediately lock out the bad guys.
- Rush over to Device and Monitoring to look for records of suspicious devices accessing your profile. Should you find any, revoke their access immediately.
- Enable two-factor authentication (2FA) next. You’ll have to enter your password and a one-time code sent to your email or phone.
- Check for any unauthorized transactions. Report immediately to Robinhood’s customer support if there are changes to your account balance.
- Remember to notify your bank if you’ve linked credit or debit cards to Robinhood.
- Check your credit report for any mysterious debts in your name. It’s also a smart idea to lock your credit if you suspect a breach.
Unfortunately, cybercriminals may sometimes completely lock you out of your account. Robinhood can also temporarily disable user profiles over suspicious activities, including hacking.
In that case, you should contact Robinhood’s security team for help. You can reach them via live chat, email, and phone. They’ll ask you to provide valid documents to prove your identity.
How to protect your Robinhood account from hackers?
The platform has recently faced numerous data breaches exposing millions of customers. Even though no funds were lost, it’s crucial to stay vigilant.
Here’s how to protect your account:
Use a strong password
Weak passwords can be easily cracked with automated bots and brute force attacks. However, using a complex and unique one makes it difficult for hackers to break into your account.
Robinhood recommends combinations that are at least ten characters long.
Additionally, they should include numbers, symbols, and upper and lower case letters.
As a general rule, you should avoid reusing passwords from other web services. If one of your profiles gets compromised, others will follow.
You can get a password manager app to make things easier. It’ll generate and remember your credentials. On top of that, you’ll be three times less likely to get hacked!
Enable two-factor authentication (2FA)
Two-factor authentication adds an extra layer of protection to your account.
When active, you’ll need to enter a one-time passcode (OTP) and your password to log in. The OTP is sent to you via email or the phone number linked to your account.
2FA is especially helpful in situations where hackers get a hold of your credentials. They’ll need the additional passcode to log in, which is next to impossible.
Monitor your account for unusual activity
Regularly review your account activity to keep up with suspicious logins. Robinhood keeps a record of logged-in devices in real-time.
If you see any you don’t recognize, you should log out of them. You should also immediately notify the platform’s security team.
But that’s not all:
Keep an eye on changes in your account like names, payment details, display pictures, etc. Furthermore, cross-check your financial statements and look for unauthorized transactions.
Again, contact the platform’s support team if you spot any irregularities.
Keep your software up-to-date
Software updates for your operating system contain security patches for various vulnerabilities. They’ll prevent cybercriminals from using existing loopholes to compromise your device.
Likewise, you should always install the latest version of your antivirus. Otherwise, new types of malware could bypass your defenses.
Be wary of phishing scams
Phishing is a type of social engineering attack where criminals impersonate legitimate services and trick users into revealing sensitive information. That includes names, passwords, bank accounts, social security numbers, and more.
Most often, scammers send fake emails while posing as legitimate company representatives. Alternatively, they might create fake websites that look identical to the real ones.
Luckily, it’s easy to avoid these tricks!
Robinhood reps will never ask you for your account credentials. You should ignore all requests for your login details.
What’s more, you should avoid clicking links and attachments on emails whose origins you can’t verify. Always double-check the URL before logging into Robinhood, as well.
Avoid using public Wi-Fi
Public hotspots aren’t suitable for tasks involving your private information. You can never know who else is on the network, potentially eavesdropping.
That’s why you should never log into Robinhood and similar platforms. Your card details and login credentials could get swiped.
So, now you know what to do if your Robinhood account gets hacked!
Your first move should be changing your password and removing unauthorized devices. If you’re locked out of your profile, you can rely on Robinhood’s support to reclaim it.
Above all, you should protect it with simple preventive measures, like strong passwords, 2FA, regular software updates, and others.
Good luck and stay safe!