The Securities and Exchange Commission just took action against a trader in Latvia that hacked online brokerage accounts in the United States, costing customers $2 million.

On the same day the SEC announced its complaint, the Financial Industry Regulatory Authority issued an alert warning investors to guard against a two-step process where “fraudsters” gain access to their email accounts and then instruct the firms involved to transfer money out of their brokerage accounts.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.