Cybercriminals are increasingly targeting brokerage accounts through sophisticated phishing schemes known as ‘ramp and dump’ cashout schemes. By manipulating foreign stock prices, these phishers exploit compromised accounts to profit at the expense of legitimate investors. Protect yourself by enhancing your cybersecurity awareness and implementing strong security measures.
Recent research reveals a disturbing trend in the cybersecurity landscape, with cybercriminals increasingly focusing their efforts on brokerage account customers. These sophisticated phishing schemes are not only evolving but are also becoming more complex, utilizing stolen card data converted into mobile wallets to execute their fraudulent activities.
Phishers are well aware of the robust security measures implemented by brokerage firms to protect user accounts. These measures often include stringent controls that prevent direct fund transfers from brokerage accounts. However, cybercriminals have adjusted their strategies accordingly, employing a technique known as the ‘ramp and dump’ cashout scheme.
In this scheme, phishers exploit multiple compromised brokerage accounts simultaneously. By doing so, they can manipulate the prices of foreign stocks, creating an artificial market environment. This manipulation leads to an inflated stock price, allowing the criminals to sell off their holdings at a profit before the prices inevitably crash.
As the sophistication of these phishing schemes increases, so does the need for individual investors to enhance their cybersecurity awareness. Here are some tips to safeguard your brokerage accounts:
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