Dear Friends,
First and foremost, we hope you and your loved ones are safe, especially if you were impacted by the recent hurricanes & tornadoes.
If you have accounts at Fidelity, you may be aware of the recent data breach that exposed sensitive client information, including social security numbers, driver’s license details, and other personal data of over 77,000 clients. To help protect yourself, we’ve outlined specific steps you should consider. After these steps, we’ll explain why RollingWave Capital’s partnership with Interactive Brokers (IBKR) offers enhanced security for our clients.
Checklist for Fidelity Clients Impacted by the Data Breach
If you have accounts with Fidelity, follow these steps to secure your personal and financial information:
1. Monitor Your Financial Accounts and Credit Reports
•Regularly review your Fidelity account statements and other financial accounts for any suspicious activity. Consider setting up transaction alerts if available.
•Check your credit reports through AnnualCreditReport.com or call 1-877-322-8228 for free access to reports from Equifax, Experian, and TransUnion once a year.
2. Set Up Fraud Alerts
Contact one of the major credit bureaus to add a fraud alert to your credit file. This alert notifies creditors to take extra verification steps if someone tries to open an account in your name.
•Equifax: 1-800-525-6285
•Experian: 1-888-397-3742
•TransUnion: 1-800-680-7289
3. Consider a Credit Freeze
A credit freeze restricts access to your credit report, making it more difficult for identity thieves to open accounts in your name. To freeze your credit, contact each bureau individually.
4. Enable Two-Factor Authentication (2FA) on All Financial Accounts
Enabling 2FA adds an extra layer of security. Visit Fidelity’s website or contact their support to set up 2FA on your accounts.
5. Change Your Passwords and Use a Password Manager
Create new, complex passwords for your Fidelity account and any other accounts using similar information. Consider using a password manager, such as LastPass or 1Password, to securely store and generate strong passwords.
6.Report Suspicious Activity Immediately
If you notice any unauthorized activity, contact Fidelity’s customer support at 1-800-343-3548 for immediate assistance.
Why RollingWave Capital’s Choice of Interactive Brokers Is Safer
At RollingWave Capital, we carefully chose Interactive Brokers (IBKR) as our custodian because of their commitment to client security and financial stability. Here are some specific reasons why IBKR stands out:
1. Robust Two-Factor Authentication and Secure Login System
Interactive Brokers offers two-factor authentication (2FA) through a physical security device or mobile app, which helps prevent unauthorized access. Even if login details are compromised, the extra layer of security ensures only authorized users can access accounts.
2. Daily Fund Segregation for Enhanced Client Protection
IBKR calculates and sets aside client funds daily, rather than weekly or monthly as many brokers do. This practice ensures that client assets are segregated and protected.
3. Financial Strength and Conservative Management
With over $15 billion in equity and no long-term debt, IBKR operates with a conservative, secure financial model. Unlike some custodians that take proprietary trading risks, IBKR serves solely as a facilitator for client transactions.
4. Comprehensive Insurance Coverage
IBKR provides SIPC insurance up to $500,000 (with a $250,000 cash sub-limit) and additional Lloyd’s of London coverage up to $30 million per client. Through the Insured Bank Deposit Sweep Program, eligible clients can obtain up to $2,500,000 in FDIC insurance in addition to SIPC coverage, totaling up to $2,750,000. IBKR sweeps each client’s free cash balances daily to multiple banks (up to $246,500 per bank) to stay within FDIC coverage limits while allowing clients to accrue interest. Any cash above $2,750,000 is safeguarded under the SEC’s Customer Protection Rule, supported by IBKR’s $15.2 billion in equity capital.
At RollingWave Capital, your security is our top priority, and we are here to address any concerns or questions you might have. Please don’t hesitate to reach out if you need further assistance or would like more information on our custodial practices.
Regards,
JC
Jacob R. Craton
President
561.571.1981
RollingWave Capital
Disclaimer:
This communication is for informational purposes only and is not intended as financial or legal advice. RollingWave Capital is not affiliated with Fidelity or Interactive Brokers, and we do not receive compensation from either firm for our endorsement. Clients should consider their personal circumstances and consult with financial and legal professionals if they have concerns about their accounts. RollingWave Capital does not assume any responsibility for actions taken by Fidelity or its clients following this communication.