Check If Robinhood Has Revealed Your Password
Bad news, earnings. The popular stock trading app Robinhood recently sent out emails to an unknown number of users informing them that the company was joking and was storing their passwords on their servers in clear text.
While you probably receive multiple emails from various financial institutions and are probably filtering Robinhood into a folder (or trash), if you are an active enough trader, you will definitely want to comb your email attachment or website. based on the service to see if this issue has affected you.
Even if you have not done this or you are too lazy to search, changing the password on the service is not difficult. Open the app and use the “reset password” link on the login page or follow this link on the Internet.
Once you’ve done that, make sure you set up two-factor authentication on your account so that you are a little more secure even if someone else managed to decrypt your password. I almost feel like I don’t even need to tell you this because it would be the worst practice in the world to only have a simple password protecting a financial application like the one you use to buy and sell stocks .
While Robinhood has a verification system that alerts you via text message or email when there is a new attempt to log into your account, it is absolutely imperative that you use all the security measures you can get for your financial services. This is not an area where you want to be lazy about your account security, because the consequences can be disastrous – even more so than when your favorite stocks are chosen.
Regarding the plaintext issue of Robinhood, the company claims that no third party has used them to access user accounts. This is encouraging news, although you should still be a little upset by the company’s oversight. As they wrote in an email to affected users:
“When you set a password for your Robinhood account, we use a standard process that prevents anyone in our company from reading it. On Monday night, we discovered that some user credentials were stored in a readable format on our internal systems. We wanted to inform you that your password may have been enabled.
We resolved this issue and after careful review found no evidence that this information was accessed by anyone other than our response team. Because of great care, we still recommend that you change your Robinhood password. ”
And of course, don’t use the new Robinhood password that you use for other services on the network. You are better than this .