"Robinhood Admits to Storing Some Passwords in Cleartext"

Stock trading service Robinhood, has been storing some customers' passwords in cleartext.  Once this was discovered they notified customers that they thought were impacted.  There is no sign that any data had been seen by outside sources. To mitigate this problem from happening again users passwords are now being hashed using the Bcrypt algorithm.  Storing passwords in cleartext is a huge security blunder; however, they are not the only company this year to store passwords in plain text. Facebook, Instagram, and Google have all also admitted to storing users passwords in cleartext.  Businesses need to in the future make sure that no passwords are stored in clear text, and should encrypt all of users passwords.

ZDNet reports: "Robinhood Admits to Storing Some Passwords in Cleartext"