Robinhood In Hot Water Again Over Hacked Accounts

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Robinhood In Hot Water Again Over Hacked Accounts

Robinhood has been in the news again, and not the way it wants, as some 2,000 accounts have been hacked.

News broke that some Robinhood users’ accounts had been hacked and their funds drained. Initially, the company tried to downplay the issue, saying it was only “a limited number” of users who were impacted.

According to Bloomberg, a person with knowledge of the company’s internal investigation said there were some 2,000 accounts that were hacked. Robinhood has recommended users take security measures, including enabling two-factor authentication. According to some individuals, however, that has not protected their accounts from being accessed.

Customers have had mixed results in trying to get their money back, with Robinhood refunding some users while others are still waiting. Either way, many customers plan to leave the firm as a result of the hacks, the latest in a string of issues the company has experienced. In March the company suffered several outages during some of the busiest trading days, resulting in significant losses for customers.

Needless to say, Robinhood has some major ground to make up if it wants to keep its existing customers.

Robinhood In Hot Water Again Over Hacked Accounts
Matt Milano

October 18th 2020 security

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