Senators Ron Wyden and Elizabeth Warren, ranking Democrats on the Finance and Banking Committees, have urged regulators to require brokerages to provide stronger customer protections.

The senators sent a letter to the Securities and Exchange Commission and other financial regulators, highlighting that several big brokerages leave customer accounts open to theft due to inadequate security measures.

According to the senators, these vulnerabilities could expose millions of investors to significant financial losses. They are calling for mandatory safeguards, including multi-factor authentication and real-time fraud monitoring systems.

The letter specifically mentions brokerages handling trillions in assets, though it does not name individual firms. The senators argue that current regulations are insufficient and that brokerages have not voluntarily implemented necessary protections.

Regulators have not yet responded to the request for comment. Consumer advocacy groups have previously raised concerns about cybersecurity gaps in the financial sector, but this marks one of the most direct congressional interventions on the issue.