- Stockal reported losses on two or more Indian platforms after the DriveWealth breach.
- DriveWealth notified Borderless of unauthorized trades in 13 US customer accounts.
- 26 accounts were accessed using valid credentials, 23 linked to DriveWealth platforms.
Stockal stated that investors on a minimum of two or more more Indian platforms that offer overseas investing have suffered substantial losses following the DriveWealth breach.
A list of 29 Indian platforms associated with DriveWealth through direct, indirect and historical relationships has been identified.
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In a statement posted on LinkedIn on Nov. 4, Borderless said its US brokerage and custody partner, DriveWealth, had notified it of unauthorised trading activity in 13 customer accounts on Oct. 16, India time. The company said an unauthorised third party appeared to have accessed 26 accounts using valid login credentials.
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Of these, 23 have documented direct, indirect or historical routes to DriveWealth, while six are listed as partners in the Stockal/Borderless ecosystem. Their individual DriveWealth routing has not been verified.
The company said access to the affected accounts was restricted shortly after it received the notification. It added that its investigation had found no evidence of a breach or compromise of the Borderless platform, interface, infrastructure or internal systems.
Borderless said the affected customers may have been victims of a social engineering attack involving information exposed in another company's data breach several weeks earlier. It clarified that the possible connection remained unconfirmed and was under investigation.
The 23 platforms with documented direct, indirect or historical relationships are as follows:
Platform | Route to DriveWealth |
|---|---|
Vested Finance | Direct |
INDmoney | Direct |
Stockal/Borderless | Direct |
Appreciate | Direct |
Motilal Oswal Riise | Direct |
Angel One | Direct (GIFT City) |
Axis Direct | Via Vested |
5paisa | Via Vested |
Geojit Global | Via Stockal |
Cube Wealth | Via Stockal |
HDFC Securities | Historically via Stockal; later Vested |
Kuvera | Via Vested |
Winvesta | Direct (historical) |
Accrue | Via Stockal |
ShiftAlt Capital | Via Stockal |
Progressive Shares/Invest 360 | Via Borderless/Stockal |
Swastika Investmart | Direct |
IIFL Securities/IIFL Capital Services | Via Stockal |
Scripbax | Via Stockal |
Centrum Wealth | Via Stockal |
Ajmera Capital | Via Stockal |
Nivesh Mitr | Via Stockal |
Benchmark Investments | Via Motilal Oswal/Stockal |
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The following six platforms are listed as partners in the Stockal/Borderless ecosystem. Their individual routing through DriveWealth was not verified.
Stoxkart
Emkay Global Financial Services
Credence
Alankit
FINTSO
Monarch Networth Capital
Some of the identified relationships are no longer active. This includes HDFC Securities' arrangement with Stockal, which ended in July 2024, Winvesta moving to Alpaca after its 2020 partnership with DriveWealth and Scripbax halting the offer of direct US stock trades.
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