More on TD Ameritrade (and Loans.co.uk)

Over the last 3 days I have spoken with SIX different individuals who are TD Ameritrade customers and NONE OF THEM received any proactive communication from the company after the breach was made public.   One of them even wise-cracked, “Oh, they’re quick to call on those margin trades, but when they compromise my personal information they aren’t heard from at all!”  That one person swore off TD Ameritrade because of that lack of proactive outreach.

Isn’t this the reason that so many states enacted laws that require companies to disclose to their clients when a breach has been discovered, nay “reasonably suspected”?  I hope TD Ameritrade has learned something from the wreck of companies in the wake of security breaches lo these many years of this millennium!

Unfortunately, TD Ameritrade wasn’t alone in disclosing a security breach and loss of customer data last Friday as the UK online loan company, Loans.co.uk reported that it, too, suffered a security breach that resulted in their customer details being passed to unauthorized individuals. But unlike the mostly silent TD Ameritrade, Loans.co.uk has offered its customers a full year’s free subscription to a credit reference agency so they can check if any fraudulent claims or applications are made using their details. Smart business move!