Internal Control - in case of Hacking

[Preston]

Guys can you suggest some control that should be place in the event the site is hacked.

[Preston]

Let me be the first to add. 1. If a sale is below your Stop Loss trigger , an additional password should be in existence to verify the seller.

[asylum]

As far as i know even if this site is hacked and say your password is copied the funds from your trading account can only be transfered to one of your accounts.

[Preston]

Agreed, but let say an individual want to cause financial loss to you. You have got 1000 ams at 800 = 800 000 , stop loss is set at R880 000 and current ruling price on the share is R950 , which mean portfilio is valued at R950 000. If that said individual go and places an order at R780, which mean total sale is R780 000 and total financial loss will be R170 000. Prior to that sale being executed , the selling price should be compared to the stop loss price and if any difference occur, an additional password is required for validation (preferable the password used to create the stop loss)

[asylum]

yeah i see what you mean.

[#6]

Not to worry dude, if the site gets hacked and you lose some dosh the bank will be very sure to give you back every cent and make you sign a confidentiality agreement in return. if however you were liable by say leaving a sticker on your monitor at work saying something along the lines of "std bank share trading user name and password .. XXXX XXXX" then you desrve whats coming to you:)

[SimonPB]

preston, if AMS has a ruling of 950 the only way one could sell at 780 is if that's the best buyer. With a 950 ruling the buyers are likely to be within a rand or two of 950, unless things are crashing.

[louisg]

Simon, how relistic is it that someone could hack this site?