The company admitted that a small percentage of its clients fell victim to attacks, and none of them had 2FA enabled.
It also plans to implement additional security measures in its mobile app in the coming months.
Retail
investment app XTB announced it will reimburse all clients who lost money to
cybercriminals, following an alleged hacking scheme where a Polish client
publicly claimed to have lost approximately 150,000 zlotys ($38,000).
The publicly
listed company (WSE: XTB) also states that the refund will not affect its
financial results and announces plans to implement additional security measures
in the coming months.
Client Losses Affect Small
Fraction of XTB Users
XTB's
internal data shows cybercriminal attacks affected just 0.017% of its client
base. The company said none of the affected clients had activated two-factor
authentication (2FA) at the time of the incidents, highlighting the importance
of additional security measures.
The
Warsaw-based broker expects the total compensation amount won't materially
impact its financial results, though it didn't specify the exact figure
involved. XTB plans to contact affected clients directly in the coming weeks to
arrange payments.
Omar Arnaout, CEO of XTB; Source: LinkedIn
"Our
strategy is to offer the best investment application for managing investments
both passively and actively," CEO Omar Arnaout said. "We want our
clients to be confident that they can safely invest in the XTB app with
long-term goals or additional retirement in mind."
The move
comes after XTB released preliminary financial results for Q2, reporting
the acquisition of 361,000 new clients and a net profit of PLN 2.165
billion, compared to the analysts’ consensus of PLN 230–240 million.
Security Overhaul
Following Media Attention
The
announcement follows mounting pressure after the alleged victim's story gained
traction across local financial forums and media outlets. The client described
how hackers executed
simultaneous buy-sell transactions on low-liquidity securities, with his
account consistently losing money while the attacker's separate account
profited. The case prompted scrutiny of the platform's security measures and
client protection policies.
The
platform claims, however, it has significantly increased its cybersecurity
investments, with the security department budget jumping 48% in 2024 compared
to the previous year. Arnaout said those investments will continue growing in
coming years.
The company
is now completing mandatory 2FA rollout for Polish users and plans to extend
the requirement to clients in the Czech Republic and Spain in the coming weeks.
Other European branches will follow, with automatic activation planned for all
new accounts starting in the fourth quarter.
Currently,
only about 10% of XTB customers use two-factor authentication, according to
company data.
Broader Industry Security
Challenges
The
reimbursement program addresses growing concerns as financial services
companies across Europe face rising cyber threats. A European Central Bank
report highlighted the financial sector as particularly vulnerable to attacks
involving unauthorized account access and data theft.
According
to XTB, additional security features in development include the ability to
instantly log out of all sessions and block accounts directly from the mobile
app, plus enhanced monitoring of user behavior patterns.
"We
understand that the financial industry must stand out with the highest
standards of security and trust," Arnaout said. "After all,
institutions like XTB are where clients' money works."
The company
cited broader cybersecurity challenges facing financial technology firms,
noting that Poland recorded 103,449 unique security incidents in 2024, a 29%
increase from the previous year.
Retail
investment app XTB announced it will reimburse all clients who lost money to
cybercriminals, following an alleged hacking scheme where a Polish client
publicly claimed to have lost approximately 150,000 zlotys ($38,000).
The publicly
listed company (WSE: XTB) also states that the refund will not affect its
financial results and announces plans to implement additional security measures
in the coming months.
Client Losses Affect Small
Fraction of XTB Users
XTB's
internal data shows cybercriminal attacks affected just 0.017% of its client
base. The company said none of the affected clients had activated two-factor
authentication (2FA) at the time of the incidents, highlighting the importance
of additional security measures.
The
Warsaw-based broker expects the total compensation amount won't materially
impact its financial results, though it didn't specify the exact figure
involved. XTB plans to contact affected clients directly in the coming weeks to
arrange payments.
Omar Arnaout, CEO of XTB; Source: LinkedIn
"Our
strategy is to offer the best investment application for managing investments
both passively and actively," CEO Omar Arnaout said. "We want our
clients to be confident that they can safely invest in the XTB app with
long-term goals or additional retirement in mind."
The move
comes after XTB released preliminary financial results for Q2, reporting
the acquisition of 361,000 new clients and a net profit of PLN 2.165
billion, compared to the analysts’ consensus of PLN 230–240 million.
Security Overhaul
Following Media Attention
The
announcement follows mounting pressure after the alleged victim's story gained
traction across local financial forums and media outlets. The client described
how hackers executed
simultaneous buy-sell transactions on low-liquidity securities, with his
account consistently losing money while the attacker's separate account
profited. The case prompted scrutiny of the platform's security measures and
client protection policies.
The
platform claims, however, it has significantly increased its cybersecurity
investments, with the security department budget jumping 48% in 2024 compared
to the previous year. Arnaout said those investments will continue growing in
coming years.
The company
is now completing mandatory 2FA rollout for Polish users and plans to extend
the requirement to clients in the Czech Republic and Spain in the coming weeks.
Other European branches will follow, with automatic activation planned for all
new accounts starting in the fourth quarter.
Currently,
only about 10% of XTB customers use two-factor authentication, according to
company data.
Broader Industry Security
Challenges
The
reimbursement program addresses growing concerns as financial services
companies across Europe face rising cyber threats. A European Central Bank
report highlighted the financial sector as particularly vulnerable to attacks
involving unauthorized account access and data theft.
According
to XTB, additional security features in development include the ability to
instantly log out of all sessions and block accounts directly from the mobile
app, plus enhanced monitoring of user behavior patterns.
"We
understand that the financial industry must stand out with the highest
standards of security and trust," Arnaout said. "After all,
institutions like XTB are where clients' money works."
The company
cited broader cybersecurity challenges facing financial technology firms,
noting that Poland recorded 103,449 unique security incidents in 2024, a 29%
increase from the previous year.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
