Gotadimple
Thinks s/he gets paid by the post
- Joined
- Feb 17, 2007
- Messages
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A new blog post by Harry Sit discusses ACATS fraud.
[MOD DELETE - BAD LINK]
A member of Bogleheads reports seeing his account shares being transferred out after he received dividend payments. ACATS is Automated Customer Accounts Transfer Service and is used to move investments between brokers. Recently a weakness has been exposed that lets a non-owner of the brokerage account initiate a transfer out of shares by setting up an account in the real owners name at another broker site with personal data from the dark web and lack of confirming email/snail mail from the new broker to the owner.
He discusses the weak points and how to secure accounts to prevent this from happening.
[MOD DELETE - BAD LINK]
A member of Bogleheads reports seeing his account shares being transferred out after he received dividend payments. ACATS is Automated Customer Accounts Transfer Service and is used to move investments between brokers. Recently a weakness has been exposed that lets a non-owner of the brokerage account initiate a transfer out of shares by setting up an account in the real owners name at another broker site with personal data from the dark web and lack of confirming email/snail mail from the new broker to the owner.
He discusses the weak points and how to secure accounts to prevent this from happening.
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