Fraud attempts seem to be coming at us 24/7, and this story of a couple losing $180,000 from their brokerage account was very sad. However, what really caught my eye is that not only could they not track down the funds (where was it withdrawn to? shouldn’t they only let you withdraw to a linked bank account?), Tastytrade only agreed to reimburse half of the $180,000 stolen from their account. Their reasoning was that the customer did not sign up for two-factor authentication (2FA), even though it was available.
In an email exchange, Tastytrade confirmed that the “intrusion” took place, but said it wasn’t the company’s fault, because the couple failed to sign up for an optional two-factor authentication protection.
“We rolled out this additional security feature to mitigate the risk of this occurring to our customers,” the email from a fraud manager read.
“I kn...
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