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FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts and Opens Dispute Resolution Services Friday, May 14, 2021
FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts
On April 11, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-18 (Notice) in response to increasing reports from customers experiencing customer account takeover (ATO) incidents. These incidents involve bad actors using compromised customer information, including login credentials, to gain unauthorized entry to customers’ brokerage accounts. FINRA reported the increase in ATOs comes as more firms offer online accounts.
FINRA published the Notice to remind members of their regulatory obligations to protect customer information. The Notice also summarizes the findings of roundtable discussions FINRA organized with member firms to identify best practices to mitigate risks associated wi
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