Pepperstone, an international online Forex broker, has told its clients of a breach of data. In an email sent by the company, clients were told to be more vigilant about third parties contacting them. Such third parties claim that they’re Pepperstone.
Pepperstone, which holds the FCA and ASIC regulations, also noted that these parties are approaching clients and advising them that the company has shut down its operations.
In an email obtained by financial website Finance Magnates, Pepperstone confirmed that third parties had asked clients to move their own funds. In addition, the Forex broker stated that third parties could only obtain limited customer information. These information include names, e-mail addresses, telephone numbers and country of residence.
A representative from Pepperstone confirmed that the incident occurred about July 20, 2020, adding that sensitive details such as trading passwords and IDs had not been accessed. The broker also assured clients that they had the situation under control and that they had increased their investment in cyber security to ensure that such an incident won’t happen again.
Forex brokers are not immune to hacking or data breaches. Many hacking and data breach incidents have been reported in the past in which broker systems were compromised or hacked.
As per the email sent by Pepperstone on 22 July, the Forex broker reported that sensitive client account data, such as passwords or financial information, had not been accessed.
It turned out that the company first knew about the incident on July 21. The company then launched an official probe into the matter with the assistance of external specialists and cybercrime agencies in countries where they are regulated.
This incident will make other Forex brokers wary. Now they have to provide clients more data breach-proof systems to make sure their information is safe. As the Forex market continues to grow, hackers see an opportunity to make money out of it.
Pepperstone is an Australian Forex broker that has been in the Forex business since 2010. As a broker that is regulated by the FCA and ASIC, trading with Pepperstone is considered safe and secure. Unfortunately, it’s not listed on topbrokers.com as a US forex broker.
Like other Forex brokers, the company provides clients the ability to diversify their investment portfolio. Outside currencies, CFD trading is also available.
Clients of Pepperstone can access the world’s largest and most liquid financial market through the most popular trading platforms, MT4 and MT5. Also, cTrader platform is available for more advanced features.
Unlike other CFD brokers that require a high minimum deposit of a few thousand dollars, Pepperstone requires a $0 minimum deposit. The company also offers clients only two trading accounts: Standard and Razor. The average spreads of these accounts start from 1-1.3 pips and 0-0.3 pips, respectively.
When it comes to funding and withdrawal options, Pepperstone offers a wide array of options. Bank transfer and credit/debit cards options are available, as well as digital wallets including Skrill, Neteller, and Paypal.