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:
- Incremental improvements are not enough as Biden signs order boosting US cyber posture
May 13, 2021
United States President Joe Biden signed an executive order on Wednesday to boost the cyber posture of the federal government. The order points to recent incidents including the ransomware attack on Colonial Pipeline, Exchange vulnerabilities that led to the FBI removing web shells from US servers, and the SolarWinds attack. The order said the federal government must ...
- Hacker group behind Colonial Pipeline attack claims it has three new victims
May 12, 2021
The hacker group DarkSide claimed on Wednesday to have attacked three more companies, despite the global outcry over its attack on Colonial Pipeline this week, which has caused shortages of gasoline and panic buying on the East Coast of the U.S. Over the past 24 hours, the group posted the names of three new companies on ...
- US and Australia warn of escalating Avaddon ransomware attacks
May 10, 2021
The Federal Bureau of Investigation (FBI) and the Australian Cyber Security Centre (ACSC) are warning of an ongoing Avaddon ransomware campaign targeting organizations from an extensive array of sectors in the US and worldwide. The FBI said in a TLP:GREEN flash alert last week that Avaddon ransomware affiliates are trying to breach the networks of manufacturing, ...
- DarkSide ransomware will now vet targets after pipeline cyberattack
May 10, 2021
The DarkSide ransomware gang posted a new “press release” today stating that they are apolitical and will vet all targets before they are attacked. Last week, the ransomware gang encrypted the network for the Colonial Pipeline, the largest fuel pipeline in the United States. Read more… Source: Bleeping Computer Related story: Colonial Pipeline cyberattack shuts down pipeline that supplies ...
- Colonial Pipeline cyberattack shuts down pipeline that supplies 45% of East Coast’s fuel
May 8, 2021
Colonial Pipeline, which accounts for 45% of the East Coast’s fuel, said it has shut down its operations due to a cyberattack. The attack highlights how ransomware and other cyberattacks are increasingly a threat to real-world infrastructure. The company delivers refined petroleum products such as gasoline, diesel, jet fuel, home heating oil and fuel for the ...
- Biden Administration Drafting EO to Help U.S. Government Secure Digital Supply Chain
May 3, 2021
Biden Administration Drafting EO to Help U.S. Gov’t Secure Digital Supply Chain The Biden administration said it’s drafting an executive order to help the United States government better defend itself against digital supply chain attacks. A Step Up for Federal Procurement According to NPR, the executive order that’s being drafted will include several initiatives designed to strengthen the ...