Online Brokerage Accounts Being Hijacked by High Tech Crooks

CNNMoney.com reports that crooks are hijacking online brokerage accounts by using spyware to steal account details, either liquidating the account or manipulating stocks. The spyware is operating from remote locations, sometimes in Eastern Europe, U.S. market regulators said on Friday.

Crooks will load a victim’s computer or a public PC with a spy program to monitor a user’s activities and capture vital information, such as account numbers and passwords.

The program then send the captured information back to the crooks, who can then log into the victim’s accounts.

Once inside, the thief may sell off an account’s portfolio and take the proceeds. Or electronically hijacked accounts may be used for “pump-and-dump” schemes to manipulate stock prices for profit.

Home computers infected with virus’ or trojans are susceptible but public computers in Internet cafes and wireless connections in hotel rooms are especially vulnerable.