(Reuters) – the european Commission-free stock trading startup Robinhood directed to some of the users have their password on a Wednesday, following the detection of a logging error of some customer case studies are vulnerable, according to a company e-mail.
“On Monday night, we found out that some of the user’s credentials are stored in a plaintext format inside of our on-premise systems,” he said in the email seen by Reuters. The issue has been resolved, ” the company said.
Robinhood, based in Menlo Park, Calif., said it found no evidence that the information is inaccurate, it is open. The company declined to say how many users were affected.
“We take our responsibility for clients seriously, and will take place in a huge focus on working to ensure that their information is secure,” spokesman Dan Mahoney said in a statement.
Lawmakers are calling for more stringent laws for the protection of sensitive data from the consumer to the next high-profile breaches at companies including Equifax Inc. and American Express Co.
Equifax has agreed to pay up to $700 million to settle claims it broke the law in a major to 2017 data breach and the repayment of the consumers ‘ interests.
Robinhood commission free stock trading app is gaining popularity among the young consumers. It is one of the many start-up companies that are in competition with traditional financial institutions, through the provision of cheaper and more easy-to-use digital services.
Reporting by Imani Moise; Editing by Richard Chang