Robinhood Users Say Their Accounts Were Hacked Through Stock Trading App

Robinhood Users Say Their Accounts Were Hacked Through Stock Trading App

According to Bloomberg, it was reported last week that some users on Robinhood, a no-fee stock trading brokerage app, were experiencing their money being stolen. About five Robinhood users recounted the same experiences with their investments being sold and a withdrawal of funds.


With the popular online broker having no emergency contact number, the spokesman of the company said this in an email: “A limited number of customers appear to have had their Robinhood account targeted by cybercriminals because of their personal email account (that which is associated with their Robinhood account) being compromised outside of Robinhood. We’re actively working with those impacted to secure their accounts. The issue didn’t stem from a breach of Robinhood’s systems,” the spokesman added. Founded seven years ago, the popular app has doubled its customer support team, but users are still struggling to receive quick assistance when their funds are disappearing. All five users encountered similar situations and received similar responses.


One of the individuals, a Chicago software engineer, said his account was hit Oct. 6. His purchase on Netflix Inc. was sold and $2,850 was soon withdrawn. After sending more than a dozen emails to Robinhood’s customer support address, he even tried messaging some of the brokerage’s executives on LinkedIn.

Image via Shutterstock

The company’s response was to investigate within the next few weeks, stating, “We understand the sensitivity of your situation and will be escalating the matter to our fraud investigations team. Please be aware that this process may take a few weeks, and the team working on your case won’t be able to provide constant updates.” Nowadays, brokers are now becoming more interactive through live, chat and email support from centers across the world with phone service running Sunday-Friday.


For more information on how to properly get set up investing and trading, inquire with @theinvesther_ on IG. 


Feature Image via Shutterstock

1 Comment

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    October 18, 2020

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