They also highlighted that they would never include a link to access users’ accounts in a security alert.

But here’s the thing, while an accessible app like Robinhood makes investing in stocks easy, it doesn’t necessarily make it safe. With celebratory features like falling confetti and emoji usage, Robinhood makes trading stocks feel like Candy Crush. RobinHood invited its userbase interested in keeping their account safe to visit the app and go to Help Center > My Account & Login > Account Security. As we alluded to, the widespread appeal of Robinhood is the simplicity of the app. At the time, RobinHood refused to disclose the number of people affected by the breach. Robinhood Review: This free app allows investors to trade stocks, options, exchange-traded funds, and cryptocurrency fee-free. Two years ago, the app administrators sent emails to affected customers admitting that RobinHood has been storing customer passwords in cleartext and readable form across their internal systems accessed by hackers. This is not the first time RobinHood has become a victim of a cyber-attack. According to the Robinhood statement, the criminals socially engineered a customer support employee by phone and managed to obtain access to specific customer support systems. Many believe that the attack might have come from overseas, but there is no definitive information if the attack came from Russia, Iran, nor Norht Korea. RobinHood has been evaluating the damages over the last few days.Ĭurrently, the origin of the attack remains unknown.

The intrusion was first discovered on November 3rd and was immediately resolved. The cybercriminals demanded ransom, but RobinHood did not comply with the hackers’ demands. However, all affected users are currently receiving notifications by RobinHood that hackers might have accessed their details. While Robinhood's infrastructure and regulations have several measures in place to ensure users' money and data is kept safe and insured, the app does pose other risks that may be slightly more. They also said that the incident has not yet caused any financial loss for app users. Additionally, the hackers might have been after particular accounts, as approximately ten RobinHood users had revealed even more extensive account details.Īccording to the statement released by the stock-trading app, Social Security Numbers and banking information was not leaked during the cyber incident. The attackers also managed to steal personal information, including the full name and date of birth, and zip code of hundreds of RobinHood users. Additionally, the full names and physical addresses of two million app users have also been accessed by cybercriminals. RobinHood, a Menlo Park-based American financial services company known for pioneering commission-free trades of stocks, exchange-traded funds, and cryptocurrencies via a mobile app, has been hacked.Īccording to a statement released in the evening on November 8th, the email addresses of approximately five million RobinHood users have been obtained by an unauthorized third party.

Robinhood app safe