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    Hacker Offers Alleged Brokerage Firm User Data for Sale: Report

    What’s the news: A hacker, operating under a pseudonym, has purportedly put up for sale user records associated with Samco Securities, a prominent Indian online brokerage firm widely known for its discount broking trading accounts for the country’s stock exchanges. TechCrunch reported that the hacker listed the data, allegedly obtained through a breach, on a well-known cybercrime forum. The price sought remains undisclosed.

    Samco Securities Response to the Hackers’ Claim

    “As a precautionary measure, our cybersecurity team is currently engaged in a thorough review to uphold the integrity and security of our systems. We maintain robust data protection measures and proactively monitor our systems for potential vulnerabilities or breaches. Should any issues arise during our evaluation, swift and appropriate action will be taken,” the report quoted Manashvi Thakur, compliance officer at Samco Securities, as saying in an email correspondence.

    Upon receiving a sample of the stolen data, TechCrunch authenticated its alignment with customers’ personal information. The sample, comprising data from over 3,000 account holders, included sensitive details such as full names, dates of birth, mobile numbers, email addresses, and government-issued permanent account numbers (PAN IDs). When approached for comment, Samco Securities denied such a breach sharing that no internal indicators or reports hinted at a data breach or leak.

    Why this Matters?

    Customers rely on brokerage firms to safeguard their sensitive financial information, and any breach could have serious financial repercussions for affected individuals and undermine confidence in the company’s ability to protect data.

    In a broader context, breaches like these can impact market stability and investor confidence. If users lose trust in online brokerage platforms due to security concerns, it could affect their participation in the stock market, potentially leading to fluctuations or disruptions in trading activity.

    More About Samco Securities

    Established in March 2015, Samco offers a flat-fee brokerage, which differs from the traditional percentage-based commission structure, and an investment platform catering to equities, futures and options, commodities, and currency trading.

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    The post Hacker Offers Alleged Brokerage Firm User Data for Sale: Report appeared first on MEDIANAMA.

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