The FBI warns the public about criminals targeting US stock investors through social media platforms and messaging service applications (apps). The scheme, known as a “ramp-and-dump” stock manipulation, targets US investors through online engagement, often via social media advertisements or messages promoting an “investment club” of fellow investors, some of which may be bots or fake accounts.
These promotions typically direct victims to secure messaging apps where the group operates. To appear credible, perpetrators may impersonate legitimate brokerage firms or well-known stock analysts. They secretly control a large volume of a low-priced stock and coordinate efforts to inflate its price (“ramp up”) by encouraging investment club members to purchase shares over a period of several weeks or months. Once the price is artificially elevated, the criminals sell off (“dump”) their shares at a profit, leaving unsuspecting investors with significant losses as the stock value collapses.
Read more…
Source: U.S. Federal Bureau of Investigation Cyber Division
Sign up for the Cyber Security Review Newsletter
The latest news and insights delivered right to your inbox.
Related:
- CISA Releases Four Industrial Control Systems Advisories
July 25, 2023
CISA released four Industrial Control Systems (ICS) advisories on July 25, 2023. These advisories provide timely information about current security issues, vulnerabilities, and exploits surrounding ICS. ICSA-23-206-01 AXIS A1001 ICSA-23-206-02 Rockwell Automation ThinManager ThinServer Read more… Source: U.S. Cybersecurity and Infrastructure Security Agency
- What is the status of US, Israel cyberwars?
July 22, 2023
On June 19, 2022, false rocket-warning sirens were activated in Jerusalem and Eilat, caused by a stunning cyber attack by Iran. Israel’s cyber authorities at the time tried to downplay the hack, which seemed to have significant national security implications. However, in a recent interview with The Jerusalem Post, Israel National Cyber Directorate Chief Gaby Portnoy ...
- US Army Hopes AI Will Give Soldiers An Information Advantage
July 21, 2023
The Army in recent years has introduced the concept of “information advantage,” in which soldiers have the ability to make decisions and act faster than their adversaries. The service now believes artificial intelligence is the key to making the strategy a reality. Both in industry and the Defense Department, many are exploring the possibility of utilizing ...
- US ambassador to China and high level diplomat in East Asia targeted in recent cyberattack
July 21, 2023
The U.S. ambassador to China, Nicholas Burns, and the State Department’s Assistant Secretary for East Asia Daniel Kritenbrink’s email accounts were breached by China-based hackers in the massive cyberattack that began in May and was discovered in mid-June, according to U.S. officials familiar with the investigation into the matter. The hackers are not believed to have ...
- Seven AI companies commit to safeguards at the White House’s request
July 21, 2023
Microsoft, Google and OpenAI are among the leaders in the US artificial intelligence space that have committed to certain safeguards for their technology, following a push from the White House. The companies will voluntarily agree to abide by a number of principles though the agreement will expire when Congress passes legislation to regulate AI. Read more… Source: Engadget
- Intellexa and Cytrox are latest spyware firms to face U.S. wrath
July 19, 2023
The Biden administration struck its latest blow against foreign spyware makers on Tuesday, placing two Europe-based companies on its list that restricts U.S. companies’ business dealings with them. Greece-based Intellexa and the Hungarian company Cytrox are now on the Commerce Department’s “Entity List,” alongside related entities in Ireland and Macedonia, respectively. The organizations join Israeli spyware makers ...