"Hack Attacks" on the Rise
The North American Securities Administrators Association (NASAA) reports that authorities are investigating cases in which hackers obtain access to customers’ accounts at large online brokerage firms and then buy penny stocks in those accounts as part of a “pump and dump” scheme. NASAA states that these incidents are costing customers millions. It is unclear how the hackers are obtaining the customers’ passwords and user names. NASAA warn investors to take prudent precautions to safeguard against identity theft, and to carefully monitor their accounts for unauthorized activity.
