Thursday, October 26, 2006
Why would someone want your brokerage account
Washington Post, via geek message board Technocrat.net:
Stock manipulators use compromised brokerage accounts to ramp up penny stocks.
Those spams you get about stocks that are about to take off? They're from people who already own the stock. It will be so obscure that just a few trades will push up the price, the crooks will sell out at the higher price, and everyone else will be left holding the bag. If they can break into your brokerage account and have it buy the stock without having to sucker you in first, all the easier for them.
The SEC says the problem is getting worse. One way crooks get into your brokerage account is by putting password-stealing programs on public computers. Don't put important passwords into a machine at Kinko's or a cyber cafe.
On your own computer, use antispyware software and the usual rules of good hygiene.
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Stock manipulators use compromised brokerage accounts to ramp up penny stocks.
Those spams you get about stocks that are about to take off? They're from people who already own the stock. It will be so obscure that just a few trades will push up the price, the crooks will sell out at the higher price, and everyone else will be left holding the bag. If they can break into your brokerage account and have it buy the stock without having to sucker you in first, all the easier for them.
The SEC says the problem is getting worse. One way crooks get into your brokerage account is by putting password-stealing programs on public computers. Don't put important passwords into a machine at Kinko's or a cyber cafe.
On your own computer, use antispyware software and the usual rules of good hygiene.
# posted by Frederick @ 12:59 PM Email to a friend:
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