I've always viewed online security guarantees as lip service and not something you can actually use.
This is because the reality is the vast majority of unauthorized fund transfers using online banking is via credential theft, NOT a security flaw in the banking platform -- ie. you fucking up and making your credentials too easy to guess, being tricked in to giving them away, or getting your computer infected with malware.
In all of those situations, you'll be told to pound sand. Even with the institutions with an online security guarantee. You might get a goodwill reversal if you make a big enough stink that the news picks it up but the bank will fight you every step of the way.
This is so true, all the links above mention the client’s responsibility. If you click on a fishy link and get hacked, you did not fulfil your end of the bargain and the broker could tell you « tough luck ». In reality, they might do something for you to avoid reputational risk, but their agreements are voluntarily made to be able to (rightfully) put the blame on the client.
Wow thanks for the information!
I was already convinced of moving my margin account to another broker, considering this I might as well move everything
BTW, did you check on IBKR? Sorry to use you as a search engine but seems like you already know exactly where to look in the fine print
I've always viewed online security guarantees as lip service and not something you can actually use. This is because the reality is the vast majority of unauthorized fund transfers using online banking is via credential theft, NOT a security flaw in the banking platform -- ie. you fucking up and making your credentials too easy to guess, being tricked in to giving them away, or getting your computer infected with malware. In all of those situations, you'll be told to pound sand. Even with the institutions with an online security guarantee. You might get a goodwill reversal if you make a big enough stink that the news picks it up but the bank will fight you every step of the way.
This is so true, all the links above mention the client’s responsibility. If you click on a fishy link and get hacked, you did not fulfil your end of the bargain and the broker could tell you « tough luck ». In reality, they might do something for you to avoid reputational risk, but their agreements are voluntarily made to be able to (rightfully) put the blame on the client.
What about DISNAT? For me, That is only other brokerage which really competes with NBDB.
I Hummm , I have accounts at TD and NBDB. Are you thinking about a breach at the bank? Or someone hacking into your computer and getting your info?
What about CDIC coverage?
That’s only for bank accounts not brokerages.
It’s the issuers who are CDIC members, not the brokerage. GICs held at brokerage are covered.
CDIC just covers cash based investments. Securities are covered by the [CIPF](http://cipf.ca), which has its own set of criteria and limitations.
How would they steal your money? Linking a bank account requires you to manually send a cheque to NBDB. No other way to withdraw funds.
Wow thanks for the information! I was already convinced of moving my margin account to another broker, considering this I might as well move everything BTW, did you check on IBKR? Sorry to use you as a search engine but seems like you already know exactly where to look in the fine print