Japan’s FX broker Monex boosts cyber protections for clients

Maria Nikolova

The broker will notify traders via email if login is done from an environment different from the usual one.

Cyber security is high on the agenda for brokerages, as indicated by the latest announcement by Monex Inc, the Japanese online trading subsidiary of Monex Group, Inc. (TYO:8698).

The broker has informed its customers that, as of today, it will beef up customer protections by adding another cyber security measure – login notification emails. These emails will be sent by the broker when a trader logs in from an environment that is different from the usual one for this trader. The service is able to define which environment is typical for a given user (taking into account factors like the browser one uses, and one’s IP address). Then, if a different login is done, an alert will be sent via email.

Traders may be sent such email notifications if they log in via a browser they have not used for a long time or access Monex’s services via mobile devices or use mobile connection, as these implies a change of the IP address.

The aim is to prevent unauthorized access by third parties. In case the traders notice unauthorized activity, they are encouraged to change the password and to contact the broker.

Another of the businesses of Monex Group, Hong Kong-focused Monex Boom Securities has also earlier this year sought to boost its cyber protection for traders. In April this year, the company announced the implementation of “Two-factor authentication” account login. All clients need to provide the One-time Password (OTP) along with the current login password for account login. Clients can set up the “MONEX BOOM Authenticator” App to get their OTP. The measures are in line with the new rules outlined by the Securities and Futures Commission (SFC) on cyber risks.

The latest measures add to Monex’s existing cyber protections. The list includes Extended Validation SSL, the introduction of a special security keyboard, as well as data encryption.

Read this next

Retail FX

Interactive Brokers adds 680k accounts, daily trades hit two-year high

Interactive Brokers LLC (NASDAQ: IBKR) recorded 2.44 million daily average revenue trades (DARTs) in February 2024, marking a notable increase from the 2.2 million transactions observed in the previous month. This figure represents the highest DARTs reported in two years, indicating an 11 percent monthly surge and a 15 percent year-on-year rise.

Retail FX

Financial Commission adds Ultima Markets to membership roster

Multi-asset brokerage firm Ultima Markets, operating under the trading name Ultima Markets Ltd, has been granted membership of the Financial Commission, marking the most recent inclusion into the ranks of the self-regulatory organization.

Digital Assets

Bitcoin hits fresh record high amid massive short squeeze

Bitcoin has surged to record highs against both the euro and the pound, hitting €60,447 and £51,736 respectively on Coinbase. The primary cryptocurrency has seen an almost 7% increase in the past 24 hours.

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

<