Hackers Access Trading and Investing App

ASA again urges SEC to end collection of retail investor personal and financial data

WASHINGTON – The American Securities Association (ASA) today urged the Securities and Exchange Commission (SEC) to again end the collection of retail investor personal and financial data through its Consolidated Audit Trail (CAT) database following a hack of a trading and investing app and a rise in investor account log-ins for sale on the dark web.

“The global hacking spree, fueled by the pandemic, continues to target the American people and their financial information,” said ASA CEO Chris Iacovella. “The CAT database will be a sitting duck for cybercriminals and this hack should serve as a wake-up call for the SEC to do the right thing to protect all American investors and end the collection of their personal and financial data. This bureaucratic taking of investor information violates the privacy interests of American investors.”

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