- Be Careful of Phishing Emails/Messages
- How to Prevent Attacks
- Data Breach
- How To Prevent Hacks
- What to do in case of a hack
- Download Indicators from MetaQuotes only
- Enable Two-factor/multifactor authentication
- Avoid using public Hotspots
- How To Prevent Hacking?
- What To Do When Hacked
- Do Not Log Into Your Metatrader On A Strange Device
- Final Thoughts
Forex trading comes with risks. Among these risks include cyber-attacks.
With the high volume of money in circulation within the forex market, it has become a target to malicious who gains access to user information including MetaTrader login and passwords.
How do they gain access to a user’s account and what are the things that can be done to prevent a hack of your MetaTrader account?
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Be Careful of Phishing Emails/Messages
Phishing emails are conceited/disguised emails made to look as genuine from a source.
These emails are disguised such that they steal private information from users, the private information is used by malicious hackers to gain unlawful access to a MetaTrader account and steal funds.
Some of these phishing emails may be disguised as coming from MetaQuotes or your broker. It could occur through sending false messages informing you that your account might be in danger and trying to lure unsuspecting victims into changing their passwords on a fake site.
The aim is to steal their passwords to gain access to their trading accounts.
Some of these intended hacks may also come in the form of a deposit discount, thereby leading you to an identical website where you can input your login details only to get your account compromised.
How to Prevent Attacks
- Ensure the email you may be responding to is from your broker. Cross-check and compare the website of your broker and the website in the mail to be sure.
- Ensure that your email has spam filter enabled: this is because most phishing emails are recognized by spam filters as spam and are filtered accordingly.
- Update your computer/mobile phone software regularly. These updates may be useful in protecting you from security threats.
What to do if you suspect you have responded to a phishing mail/message
Update your device security
Change your MT4 and broker passwords immediately.
Data breaches usually happen in two ways
1. from the broker’s side, usually from a careless employee or a malicious one.
2. Data breach can also happen when you store your password on a computer that gets infected by a virus or malware.
How To Prevent Hacks
Store passwords on a separate drive
Choose a well-regulated broker with quality insurance for depositor’s funds
What to do in case of a hack
Update your passwords immediately
Report to your broker immediately.
Download Indicators from MetaQuotes only
Several traders have experienced a hack of their MetaTrader from downloading malicious indicators. These malicious indicators come with an external DLL (Direct Link Library); It is a form of the shared source from which many programs can share a common source code.
These indicators virtually take over a host computer, recording keystrokes and gaining unlawful access to personal information.
Enable Two-factor/multifactor authentication
Two-factor authentication adds a layer of security to your MetaTrader account. When you attempt to log into your account, a message will be sent to your mobile phone with a code that you will use to access your account.
With this feature, even if a fraudster gets access to your MT4 or broker login details, the fraudster would not be able to log into the account as long as they do not have access to your mobile phone.
These multi-layered can also be useful when an unauthorized withdrawal is about to be made on your account, a message is sent to your mobile phone to alert you and probably change your password.
Avoid using public Hotspots
Connecting to a public network can beharmful and can lead to your MT4 getting hacked. But how is this possible?
Malicious hackers adopt trickly methods to hack unsuspecting traders’ accounts. Some of these attacks include “man in the middle hacks”.
This is such that the hacker places themselves in between a public network source (like a router) and a user and intercepts private information like MT4 password, broker password, etc thereby gaining access to a trader’s account.
Another one is a honeypot attack. This occurs when a malicious hacker sets up a public hotspot usually disguised as that of a nearby popular one.
Once a user connects to their hotspots these criminals gain access to the user’s private information, including stored passwords and keystrokes.
How To Prevent Hacking?
Avoid connecting to unknown public hotspots
Do not log into your MetaTrader or broker account on a public hotspot
What To Do When Hacked
Change your password to your trading account immediately and contact your broker.
Do Not Log Into Your Metatrader On A Strange Device
In real terms, it is not advisable to log into your MT4 on a device that is not yours, because the owner of the device may gain unauthorized access to our account.
Even when the owner of such a device does not have malicious intent he mail fall for any of the listed hacks above, thereby compromising your MetaTrader account.
Preventing hacking on MT4 is possible when one follows basic security protocols on the platform like you would on any other software or system. Hacks these days are tricky and you should do all to secure your account to avoid cyber theft.
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