I recently had issues with my account with FXCM and wanted to know if there are others who have had any such unfortunate issues with them and how they resolved these issues if indeed that was possible.
To sum my issue up in a nutshell, I had my gmail hacked and couldn’t get that issue resolved with Google ( a very difficult endeavor!) and the hijacker wrote through my hijacked gmail to FXCM and asked to do a wire withdrawal of my money to an account that is located online and originates in the UK. Not only did FXCM allow one wire withdrawal, but they allowed TWO which was a sum total of approximately $24,000 of my $25,000 trading account. I looked up their wire procedure in their webpage and it said that the only [B]restriction[/B] of wiring is that it had to be to the bank account on record. The ONLY time I had a bank account attached to my account was when I originally wired the money to them in March of 2013. That bank was a Chase account in Idaho! The bank that my money was sent to was FarWest Bank! That isn’t even close!
So… I am looking for individuals who may have had similar issues with FXCM. I trusted them to have enough security that I knew that my money was safe. As my mom has always said to me… [I]YOU trust too much![/I] I guess she, once again, is right! :o( Anyway, I am searching for others because there is strength in numbers. Currently, even though it has only been 2 weeks since I figured this out (and unfortunately, when I had time and education to finally trade), they have only sent one-liner emails that don’t say a thing. They will NOT talk to me on the phone!!! I have offered up info to them that may help (since GOOGLE finally decided to give me a reset button for my hijacked account because I told them about my theft), but… FMCM Compliance answer each and every time with only a one liner - no information that will reassure me in the email. It is very sad that I am feeling that they are just “waiting me out” so that I will go away OR even worse, that they are trying to prove that [B]I[/B] am guilty!!! Well, that isn’t the case! AND… I am not going away! So…if anyone has any info that could help me, please let me know. I really would like to start trading since the market is prime for it and I educated myself enough to feel good about it! Thanks for 'listening"! and assisting if possible!
I’m sorry your Gmail account was hacked and that you’re facing these issues.
You have taken the right step in reaching out to our Compliance department. Please provide them with any details that could help them with investigating what happened, and they can follow up on this further.
That is not the case. The requirement is that the name on the bank account match the name on the FXCM trading account in order for funds to be transferred between the two.
For example, if the FXCM trading account is in the name of “John Smith”, then bank wires to or from that account can only be completed with a bank account in the name of “John Smith”.
Jason,
I would like you to send me the FXCM Cyber Security Policy. I really can’t believe that someone with an email can pull two wire transfers from my account without anything but an email request. You all send out information with my account number on it all the time so that was one piece of this puzzle - the person had my account number by looking through my emails. That doesn’t seem like a practice that should be continued! Also, do such email requests just go straight to you without having to put a password in. I didn’t have my password anywhere in my gmail account! I have sooo many questions for you and NOONE but you has even addressed me in any way and had to go to BabyPips to get you to talk to me. I am disgusted that it seems that people hide behind the internet these days. What ever happened to real communication - person to person?
Thanks for the validation that you believe it is a [B]big concern[/B] when FXCM Wires money out of an account (twice) without a phone call verifying that it is the “same person” that owns the account. They make us set up and answer a security question that they had us put in when the account was opened. At the very least, something such as a phone call and asking that security question along with validating the correct answer should be part of their security plan!!! FXCMs security measures don’t seem to be as strong as they need to be. Unfortunately, that is an understatement!
Jason,
I called the Fraud department at the Bank in GB and they would not work with me until I get the wire transfer documents for the money that was fraudulently taken out of my FXCM account. I told them I was concerned about the fact that they had a bank account that is in my name that I didn’t open and that the people who opened it could be doing fraudulent transactions. I need to protect my name and my identity by closing that account. The person in at the Fraud department at the Bank in GB assured me that these thieves did not open it in my name but in their name so… at this point I am very confused about all this and perhaps the statement that you put in your reply above is incorrect then. You said that it had to have my name in order to do a wire transfer between my FXCM Account and the GB Bank. I have been waiting for 9 days now for FXCM to send me those wire transfer documents which should technically be ‘mine’ since they were used to transfer money from [B]my[/B] account. What else do I need to do to get these wire transfer documents so I can work with the bank to at least feel as though SOMETHING is happening with trying to track what happened to my money???
Jason,
Just wanted you to know that I did get my transaction details this evening from a very good customer relations person named Stefen at FXCM. I don’t know if you had any influence on getting those to me but if so, I really appreciate it. Now I can work with the fraud department of the bank to get the bank account closed if it truly is in my name. Sincerely, Becathia
Thanks for the update, Becathia. I’m glad to hear Stefen was able to help you.
I did reach out to our Compliance department for you when you first mentioned the issue, but once they take over a case, I can’t comment on it here on the forum for security reasons.
To everyone who has read this blog. FXCM decided not to reinstate my money that was wired from my FXCM account to a bank account that was not in my name in GB- thus beaching their policy. BEWARE! Their security and polices aren’t what they should be!!! And… I guess their compliance department is not up to par either if they can’t admit their mistakes. I called the bank that my $23,700 was wired to and they verified that the bank account was not in my name. If you would read Jason’s response up above, he too verified that they can only wire money into a bank account in the same name as is in FXCM. So… the Westminster Bank in GB would not let me take money out of the account that was on the wire transfer documents that FXCM [U][B]FINALLY[/B][/U] gave to me and they would not let me know the name on the account because… IT WAS NOT MY NAME. They could not tell me anything about the account because IT WAS NOT IN MY NAME and that is their security protocal! FXCM Compliance department again signed the email to me with ‘kindest regards’! I am thinking that they have no clue what people skills are if they can write that at the bottom of an email when I am out $23,700+!!
If anyone else has been mistreated by FXCM as I have, please let me know. I now need to start the second phase of trying to prove them wrong to get my #23,700 back and I need some positive reinforcement since it takes a lot of energy to deal with it! Thanks for ‘listening’!
Unfortunately, I talked to an attorney in Idaho and they said they couldn’t take the case because FXCM is in New York! I need an attorney from NY and I an not very good about the long distance telephone thing when I have to pay out big bucks to an attorney. So my first attempt at trying a new avenue is working with the National Futures Association since FXCM is a member and they don’t want their members committing fraud so they opened an case for me. I am going to hang in there though because I don’t want this to happen to others. Wish me luck! B