Tos

[Causalien]

Today, I got the call center run around trying to get my security token replaced. 1 hour and 30 minutes and 6 transfer later, they figured out that TOS canada aka TDW doesn't issue security tokens anymore.

I am saddened by the decrease in security (as if Canadians are less likely to be hacked) and also by the drop in their support quality. Everything TD touches, seems to change the corporate culture to an impersonal one. From my experience, when a broker reaches this point, it is usually down hill from here as they focus more on profit margin. (Amount of calls per agent per hour. Average length of calls etc.)

Otherwise, their platform is still great. Now if only I can find one with the same great platform. Time for me to hunt for a new broker again and see if anything better is out there.

[Eclectic12]

Today, I got the call center run around trying to get my security token replaced. 1 hour and 30 minutes and 6 transfer later, they figured out that TOS canada aka TDW doesn't issue security tokens anymore.

I am saddened by the decrease in security (as if Canadians are less likely to be hacked) and also by the drop in their support quality. Everything TD touches, [ ... ]

Otherwise, their platform is still great. Now if only I can find one with the same great platform. Time for me to hunt for a new broker again and see if anything better is out there.

I take it by TDW you mean TD Waterhouse discount brokerage in Canada.

If so, I'm confused because as a customer of many years, I've never had a security token.

Then too - my impression is that security has increased. Long gone are the days when I could switch computers with the account number and password as the only gatekeeper. Now I have to respond to security questions as well.


Out of curiosity - do any other discount brokerages, bank or other financial institutions provide a security token?

The ones I've received have been from employers.


Cheers

[m3s]

TOS came from the US and therefore had a physical security device before TDW changed things. My US based IB account and Euro based accounts also have physical devices, besides just a pw and basic security questions that anyone can figure out. I looked into TOS but it has been unavailable for new accounts in Canada

[Causalien]

I don't get why they take away the security token when a brokerages move to Canada. Is it a law or something? Question to those working in the industry. Does your IT know how easy it is to hack the accounts secured by password only? When there is money behind those password, the hackers have a motivation.

[humble_pie]

hunt away. In the end you'll come to the same writing on the wall. Ozymandias. No one broker can be all things to all clients, it says. Look on my works ye mighty & despair.

btw little birdie tells me that TOS is not tdw's big green future after all. This is going to be another platform, bird says. There are some cost obstacles to work on.

in the meantime td's activetrader & webbroker platforms outstrip most others, esp when one figures in that IB doesn't have registered accounts. TD waterhouse is most definitely *not* declining.

[ddkay]

OTP hardware tokens might cost money, but there are cheaper solutions like client-side software key generators or SMS.

What could explain that they scrapped the system entirely other than terrible regulation? They won't spend money unless they have to.

In the rest of the world two-factor authentication is standard for all financial services because of effective regulation.

It's like they want to make it easy for criminals here...

also what's so special about Active Trader? It's an overpriced version of AxisPro. They won't even give you "free" access to it unless you pay $1500/quarter in commissions.

[Causalien]

I thought about this some more and realized that what I need to do, is open an account with TD Ameritrade in the US and all my problems are solved.

Thinking back, all the problem started when I was forcibly pulled into Canadian legislation due to my address. If TD Ameritrade remained as great as it was before and that my service only went downhill because I am categorized as TDW canada. Then the conclusion is obvious. Our laws made it so... somehow.

[humble_pie]

cause if you live here in canada you won't be able to open an account with an american broker. Vice versa also applies. They have all these reciprocal agreements ...

from time to time i run into somebody whose case has fallen between the cracks & they have accounts in both countries. But the financial houses involved are always small & obscure, & frankly they should know better.

a big outfit like the td, owner of both td ameritrade & td waterhouse canada, will never let you get away with it

[Four Pillars]

Out of curiosity - do any other discount brokerages, bank or other financial institutions provide a security token?

I had a business checking account at HSBC which had a token.

[Eclectic12]

TOS came from the US and therefore had a physical security device before TDW changed things. My US based IB account and Euro based accounts also have physical devices, besides just a pw and basic security questions that anyone can figure out. I looked into TOS but it has been unavailable for new accounts in Canada

Okay ... then it makes more sense as to why it would be an irritation.

From a Canadian financial industry perspective, I suspect not many are providing tokens.

As for the "basic security questions that anyone can figure out" - that's only if you stick to the script when saving the answer.

In my case, a hacker can search for my mother and father's maiden name all they want, the answer I put in is neither. Even if it were, I'm not so sure they'd figure out that what in my memory is "Smith" was saved as "$mith".


IAC, security tokens have also been hacked.
http://bits.blogs.nytimes.com/2009/0...ty-id-numbers/
http://arstechnica.com/security/news...ompromised.ars


Cheers