Robinhood Brokerage Firm Alerts of Passwords Stored in Clear Text

guest · Jul 24, 2019

Robinhood Brokerage Firm Alerts of Passwords Stored in Clear Text
July 24, 2019
https://www.bleepingcomputer.com/ne...irm-alerts-of-passwords-stored-in-clear-text/

The Robinhood stock trading site is alerting users that passwords were stored in their system in human readable format, otherwise known as clear text. While no foul play was detected, this could have allowed employees or unauthorized users to view an account's password.

This issue was discovered Monday night and has since been resolved, but Robinhood is still suggesting users reset their passwords so that they are properly stored in an encrypted manner.
Instead of automatically resetting the passwords for affected users, Robinhood has opted to send this email and let the user's decide if they should reset it.
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Rasheed187 · Jul 27, 2019

You have to be kidding me, what's wrong with these companies, can't they even take basic security measures? But anyway, is anyone using Robinhood, is it any good? Over here in Holland there are several companies that are planning to launch free stock trading.

hawki · Mar 3, 2020

"Robinhood is facing a major outage for the second day in a row...

[Robinhood is a mobile, commission-free stock trading app/brokerage with over 10 million users.]

The popular commission-free stock trading app was offline for nearly all of trading Monday, drawing outrage from users who were locked out of trading as markets made their biggest rally in 12 years...

Robinhood apologized for the outage and said service was restored in an email to users Tuesday morning. But by 10 a.m., it was experiencing a major outage again...

A Robinhood spokesperson confirmed to Business Insider that Tuesday's outage was caused by the same infrastructure issue that was causing downtime on Monday..."
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https://www.businessinsider.com/robinhood-trading-downtime-outage-second-day-backlash-2020-3

guest · Mar 9, 2020

...again:
Trading on Robinhood down for third time this month
March 9, 2020
https://finance.yahoo.com/news/trading-robinhood-down-third-time-143553871.html

Fintech startup Robinhood Markets Inc said on Monday trading on its platform is currently down, the third time it has experienced an outage this month.

"Trading is currently down on Robinhood and we're investigating the issue," the app's customer support account tweeted https://twitter.com/AskRobinhood/status/1237016846282280961.
The outage comes on a day when Wall Street's main indexes dropped 7% and the Dow Jones Industrials recorded its biggest one-day fall ever.
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TechCrunch: The Robinhood app is down again as stocks get routed on Wall St.

The latest outage comes one week after an outage took down the app on what was one of the busiest trading days of the year.

As we reported, Robinhood was offline from Monday at 6:30am Pacific to 11pm Pacific, then had another outage this morning from 6:30am Pacific until just before 9am Pacific.
Here’s how the company is compensating users for the earlier outage.
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guest · Apr 2, 2020

Robinhood Hit with Class Action Lawsuit Over App Outage [UPDATE]
April 1, 2020
https://www.classaction.org/blog/robinhood-hit-with-class-action-lawsuit-over-app-outage

fter a few days of threats and Twitter outrage, Robinhood Markets, Inc. has been hit with a proposed class action lawsuit in Florida over the outages many users of the securities trading app experienced during the first week of March 2020.

[...] Robinhood app users found the trading platform “completely inaccessible and unavailable.” Users could not access cash, securities or other property kept on the Robinhood platform, the case says, let alone use the defendants’ services to buy, sell or trade securities.

Since the outages on March 2 and 3, many Robinhood users have claimed they lost out on thousands of dollars, while calling on regulators to look into precisely what went wrong with the commission-free app.
The plaintiff charges in the suit that Robinhood fell short in its duty to provide users with a system and platform “robust enough to handle all possible reasonable volumes of trading” and to have a “redundant/backup system to handle outages.”
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Update – March 31, 2020 – Court Told Robinhood Trying to Escape Class Action Claims with $75 Credit

[...] have discovered Robinhood has undertaken efforts to “obtain a waiver of the claims brought in this case” by offering affected users a $75 “goodwill credit” in exchange for their signature on a “DocuSign” document. Unfortunately for potential class members, the motion says, the document provided by Robinhood includes “a complete waiver of rights”

According to Law360, Robinhood representatives called the plaintiff’s motion “unnecessary” and claimed the $75 credits are a quick way to compensate users “without the burdens of the litigation process.”
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guest · Jun 18, 2020

↑ "Robinhood is facing a major outage for the second day in a row...
↑ ...again: Trading on Robinhood down for third time this month March 9, 2020
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Robinhood Temporarily Down for the Count
June 18, 2020
https://cointelegraph.com/news/robinhood-temporarily-down-for-the-count

Robinhood, a stock and crypto trading application known for its mainstream appeal and simplicity, recently reported significant platform outages.

Robinhood announced "experiencing a major outage in equities and options trading, as well as degraded performance in cryptocurrency trading" on June 18, a Reuters report detailed.
Reuters reported a note on Robinhood's website, stating: “We’re currently experiencing issues with our services and are investigating the issue.” By press time, however, Cointelegraph staff could not locate such a statement on Robinhood's page.
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This outage is not the first of its kind for Robinhood. The retail-friendly platform has suffered multiple other difficulties this year, included an outage just a few months ago.
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guest · Aug 31, 2020

Fintech unicorn Robinhood under regulatory scrutiny over March outage: Bloomberg News
August 31, 2020
https://www.reuters.com/article/us-...ver-march-outage-bloomberg-news-idUSKBN25R2HC

Robinhood Markets Inc, the fintech startup credited with helping popularize trading among millennials, is being investigated by the U.S. Securities and Exchange Commission (SEC) and the Financial Regulatory Authority (FINRA) over its handling of a system outage in March, Bloomberg News reported on Monday.

One area of focus for the investigation is Robinhood's lack of customer response, the report said, citing people with direct knowledge of the discussions. (bloom.bg/34QB3Aa)
Robinhood, based in Menlo Park, California, has experienced several outages since early March, particularly on days of high trading volumes.
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guest · Oct 15, 2020

Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts
October 15, 2020
https://www.bloomberg.com/news/arti...tes-hackers-infiltrated-almost-2-000-accounts

Almost 2,000 Robinhood Markets accounts were compromised in a recent hacking spree that siphoned off customer funds, a sign that the attacks were more widespread than was previously known.

When Bloomberg first reported on the hacking spree last week, the popular online brokerage disclosed few details. It said “a limited number” of customers had been struck by cyber-criminals who gained access by breaching personal email accounts outside of Robinhood, an assertion that some of the victims acknowledge and others reject.
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The attacks unleashed a torrent of complaints on social media, where investors recounted futile attempts to call the brokerage, which doesn’t have a customer service phone number. Robinhood, which has more than 13 million customer accounts, is now considering whether to add a phone number along with other tools, the person said.

“We always respond to customers reporting fraudulent or suspicious activity and work as quickly as possible to complete investigations,” the company said in an emailed statement.
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[He said his email was compromised more than a week ago and that thousands of dollars went missing from his Robinhood account.
“I feel like my money could be put somewhere else, somewhere that has a human person that I can talk to,” Riachi said. “It’s kind of ridiculous that an investment app that’s handling people’s livelihoods, people’s money, has the audacity to make people wait several weeks to hear back anything.”
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Reuters: Robinhood says some customer accounts may have become target of hackers (October 9, 2020)

Rasheed187 · Oct 17, 2020

mood said: ↑

Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts
October 15, 2020
https://www.bloomberg.com/news/arti...tes-hackers-infiltrated-almost-2-000-accounts
Reuters: Robinhood says some customer accounts may have become target of hackers (October 9, 2020)
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Why isn't 2FA automatically enabled? This is really insane.

guest · Jan 9, 2021

mood said: ↑

Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts
October 15, 2020
https://www.bloomberg.com/news/arti...tes-hackers-infiltrated-almost-2-000-accounts

Reuters: Robinhood says some customer accounts may have become target of hackers (October 9, 2020)
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California Man Sues Robinhood Over Last Year's Hacking Of Customer Accounts, Seeks Class-Action Status
January 9, 2021
https://www.benzinga.com/news/21/01...f-customer-accounts-seeks-class-action-status

Robinhood has been sued by a man over last year's hack into the stock trading platform.

What Happened: Bloomberg reports that a man in California has sued the app-based trading platform in a proposed class-action suit. This is after Robinhood was hacked last year.
He claims Robinhood did not do enough to protect customer accounts and that the company did not inform him of the intrusion until months later, after it came out in media reports.

“Robinhood’s customers collectively lost millions of dollars,” Bloomberg quotes Mehta as saying in the complaint.
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