Borderless, the company that runs the US equities trading platform Stockal, has issued a statement responding to recent reports of a Stockal cyberattack in which unauthorized trades were placed in several customer accounts. The firm said it wanted to set out the facts and explain how it is assisting the customers who were affected.
According to Borderless, its US brokerage and custody partner, DriveWealth, flagged unauthorized trading in 13 customer accounts on October 16 (India time), which was October 15 during US market hours. Access to those accounts was restricted shortly afterwards to stop any further activity.
The company said an unauthorized third party appears to have logged into 26 customer accounts using valid credentials. In 13 of them, existing large-cap US equity holdings were sold, and the proceeds were used to buy thinly traded microcap securities. Borderless said its investigation so far shows that no funds were withdrawn.
No Breach of Borderless Systems Found
Borderless stated that it has found no evidence that its platform, interface, infrastructure or internal systems were breached or compromised in the cyberattack on Stockal. It has brought in independent cybersecurity specialists to examine its systems.
The company believes the account holders may have been targeted through a social engineering attack that used information exposed in another company’s data breach several weeks earlier. However, it stressed that this link remains unconfirmed and under active investigation.
Support for Customers Hit by the Stockal Cyberattack
Borderless called support for affected customers its immediate priority. Its teams have been in direct contact with them since shortly after the incident and are working with DriveWealth to establish the facts, review the transactions and explore “appropriate avenues for a fair resolution.”
The company noted that this help is offered in good faith and “does not constitute an admission of liability, wrongdoing, negligence or responsibility for the unauthorized activity.” It added that it will keep supporting customers while the facts and respective responsibilities are established.
New Safeguards After the Stockal Cyberattack
As a precaution, Borderless has introduced additional authentication and account-protection measures. Based on the information reviewed so far, it said the unauthorized trading identified was limited to the 13 accounts. It has found no evidence of threats to the wider Borderless platform, its other products or other customer accounts, and it continues to monitor its systems as the investigation progresses.
Cooperation With Authorities
Borderless said it is cooperating with relevant authorities and regulators over the Stockal cyberattack. It also clarified that it had responded substantively to media enquiries before reports were published, sharing the information it had at the time. The company said its statement reflects its current understanding and may be updated as further facts emerge.
The firm said transparency, accountability, and protecting customers’ interests remain central to how it operates. It added that it built Borderless on the belief that customers deserve “a trusted, responsible & globally connected financial platform,” and that it will keep communicating as verified information about the cyberattack on Stockal becomes available.
