ASIC warns of online trading account security breaches

by Terry Hayes

The Australian and Security Investments Commission (ASIC) has advised clients of online stockbroking firms to urgently review their account security. During regular surveillance of the Australian financial markets, ASIC said it had become aware of several stockbroking account intrusions involving unauthorised access and trading.

ASIC recommended that as soon as possible, users of online stockbroking accounts:

• ensure their computer virus software is up-to-date;
• change their passwords; and
• check their transaction history.

ASIC also recommended users do this regularly, as with bank accounts.

ASIC said it is working with online stockbroking firms to help those clients who have been impacted. It is also working with other authorities to identify the source of the intrusions and says it is pursuing a line of enquiry consistent with similar incidents in overseas markets.