Japan’s FX broker Monex boosts cyber protections for clients

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.