How to Use Online Trading Apps Safely When Working Remotely - Important Cybersecurity Considerations

The COVID-19 pandemic has led to a larger percentage of the worldwide workforce working from home. More people than ever are transmitting sensitive information using their personal devices and without the benefit of their organization's network infrastructure security.

Cyber criminals, being the unscrupulous individuals they are, have seen this pandemic as an opportunity for them to take advantage of individuals and organizations by preying on the inexperience of new remote workers. They have used malware and phishing campaigns and have attacked VPNs in order to steal personal financial information and private information from large organizations. And those are only some of the most common cyberattacks in 2020.

Understandably, this is disconcerting for individuals who use online trading apps for work and now are working remotely. Regular traders put themselves at risk each time they go online to make a trade. 

Understanding the risk cyber criminals pose for online traders, the industry has taken steps to minimize threats that plague the web. However, there is only so much that they can do. Much of a remote employee's safety online when using the best online trading apps depends on them implementing steps to keep their online trading safe.
 

Identify the Risks of Using Trading Stock Apps Online

The first step remote traders need to take is to identify the risks that they face. The following are some of the more common risks.

Malware and Computer Viruses

The primary reason why bad actors install viruses or malware on your computer is to spy on you and to get access to passwords and other sensitive information. Some spyware allows them to use key logging. This way, they can track each keystroke you make and get access to valuable information.

Identity Theft

Identity theft requires someone to have access to your personal information. This can be done by getting access to your computer, your phone, or your mobile device and stealing the information stored therein. In some cases, certain fake trading apps have been designed to be the “inside man” who gathers and steals your information and then uses it to access your valuable trading accounts.

Phishing Schemes

Cyber thieves have become experts at creating official looking documents that seem to come from financial institutions. They may generate emails that look like they come from your broker, the company that created the app you are using, or a government agency. These emails will typically ask you to log into your trading app account by clicking on a link. However, the link is not for your online broker. 

Instead, you get sent to a duplicate web page that collects your username and password. That information is immediately used to attack your brokerage account, changing usernames and passwords so that you will no longer have access.
 

How to Protect Yourself When Using Trading Apps Remotely

Legitimate brokerage apps run by reputable brokerage firms are vigilant when it comes to security features. They realize that their reputation depends on their ability to protect you when you are using their app. Trustworthy apps are managed by individuals who are constantly monitoring the online environment in search of new threats.

You should only work with brokers who include security measures such as:

•  SSL encryption on their websites

•  Secure servers

•  Apps that require two-step authentication

•  Apps that automatically log you out of your account after a set period of inactivity

•  System monitoring that checks for threats like fraudulent apps, malware, and phishing schemes

Here are a few other steps that you can take.

Use Strong Passwords

It is tempting to create passcodes or passwords that are easy for you to remember. The problem is that if your password is easy to remember, it’s probably also easy to guess. The biggest mistake remote workers use with their online trading apps is creating passwords that can be linked to them, using a password a strong password generator with sufficient randomness. These include things like passwords that include their name, birth date, the names of their spouse or children, their address, or other easily identifiable public personal information.

Some use the same passcode on multiple financial websites. Instead of creating a password that is easy to remember, create something that makes absolutely no sense to anyone. A good password is going to include uppercase and lowercase letters, numbers, and symbols.

Invest in Quality Anti-Spyware and Antivirus Programs

There are several free anti-spyware and antivirus programs that you can download. They are free for a reason. They are ineffective or are used to steal your information and sell it to third parties.

There are multiple reputable antivirus and anti-spyware organizations that have been offering quality trusted products for decades. While they might have a monthly or yearly subscription, the price is worth it, especially when one considers what it is they are trying to protect.
 

Only Login in Secure Locations Using Trusted Equipment

You need to guard your brokerage account information. It is not advisable to login using a public network at a coffeehouse or your favorite restaurant. These networks are not secure, and chances are that someone is monitoring the information you are sending and can use that information to get access to your account.

Never leave your mobile device or your computer unattended when you are logged into a brokerage app. All account documentation should be guarded so it does not fall into the wrong hands.

Is Trading Stocks Online Dangerous?

Experience shows that, in general, trading stocks online is safe. This does not mean that there are no threats. However, online brokers are incentivized to do what they can to minimize threats so that more customers will use their service. However, this does not mitigate your responsibility as an online trader working from home to do your part to improve your personal security.

Many individuals using brokerage apps online feel that the benefits of being able to trade from home outweigh any potential threats. They are able to have full control over their investments and execute trades at will. They are also able to trade without needing mountains of documentation like they did when online trading was not popular.

With more people working from home, the threat posed by cyber criminals looking to take advantage of worker's inexperience is real. However, you can protect yourself if you review the security measures your broker is taking, implement security measures of your own, and use common sense when trading.