Cyber security

Robinhood Data Breach: How to keep your identity safe

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robinhood data breach

The Robinhood trading platform recently uncovered a data breach that disclosed the information of millions of its customers. News of the attack was released on Monday, November 8th, along with news that the hackers behind it had requested extortion from the company.

According to Robinhood,  the attack enabled an unauthorized person to obtain:

  • email addresses of approximately 5 million people.
  • Full names of another group of nearly  2 million people.

Robinhood went on to claim that the company had contained the break-in and promptly notified law enforcement officers of the extortion lawsuit. Robinhood says it will be investigating the incident further with the help of a security company.

With This in mind, it’s important to act and take a few steps to ensure that you avoid any data breaches in the future. Following are some of the action steps that you can take to achieve the same 

Update Your Passwords Regularly

Log in to your account and update your password with a new one that is secure and unique. If you use the same or a similar password for multiple accounts, change it as well. 

A password manager that comes with comprehensive online protection software can do this for you. Set up two-factor authentication if your account allows it as it also provides an extra layer of protection.

Track Your Account Statements Thoroughly

Check your statements for unusual activity. Even the smallest withdrawals or transactions can be a sign of a bigger problem.

Immediately Report Any Suspicious Activity

Report any suspected fraud to the company or institute involved. They generally have policies and procedures in place to assist.

If you believe you may have been a victim of identity theft, report it to your local police force and the Federal Trade Commission (FTC). The police can provide you with a case number that you may need as part of the recovery process. 

Also, the FTC Identity Theft website has great resources, including a recovery plan and step-by-step guide, when you create an account with them.

How to Look Out for a Breach

Because the Robinhood data breach appears to have exposed approximately 5 million email addresses, there is a risk that they could get into the hands of attackers who could use them for follow-up attacks.

It is worth highlighting phishing attacks, in which hackers could attack Robinhood users with fake messages to induce affected users to divulge more account information. 

For example, hackers could create fake emails that appear to be from Robinhood and direct users to a malicious website that requests account information. 

This violation could also lead to other phishing attacks, which may or may not masquerade as Robinhood communications. Some of these phishing attacks are easy to spot because they can contain typographical errors, misrepresented logos, or fake web addresses. However, some sophisticated hackers can launch quite nifty phishing attacks that can look like legitimate communications.

People can avoid phishing attacks by employing some of the following techniques. 

1. Access your accounts directly from the official website of the company or financial institution in question. If you receive an email, message, or text message warning you of a problem, do not click any of the links provided in the message. Go directly to the website by entering the correct address and seeing your account information there. Similarly, it is also possible to call the customer service hotline indicated on the official website.

2. Using comprehensive online protection software can prevent phishing emails from reaching your inbox with the help of its spam filter functionality. 

3. Know the signs of phishing emails. A common sign of a scam is an email, ad, message, or website that simply isn’t viewed or read properly. Perhaps the grammar is awkward, or the logo is grainy or has slightly wrong colors. However, some of them might seem pretty convincing.

4. Watch out for email attachments that you weren’t expecting. This is always a good way as hackers like to add attachments with malware designed to steal your personal information. 

Whether you received an unexpected attachment from a friend or a company, be sure to investigate before opening it. 

Unfortunately, data breaches are on the rise. Many of the biggest data breaches hit the headlines. In the hands of hackers, the information released by these violations can provide them with the building blocks of identity theft, making it essential to keep an eye on your identity and personal information.

The good news is that you have powerful options for preventing such harm or at least significantly reducing its potential impact. With Identity Theft Protection, you can also monitor short-term email addresses and names of users that are used to breach other accounts. You can monitor dozens of different types of personal information and receive alerts to keep an eye out for abuse. 

It can also monitor your email addresses and bank accounts for signs of abuse or fraud, as well as provide theft protection and assistance from a recovery specialist. if you, unfortunately, experience identity theft.

What security steps to take after being affected by a data breach?

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