Mobile phishing attack targeting brokerage accounts

Cybercriminals are shifting from stealing payment card data to exploiting brokerage accounts in sophisticated ‘ramp and dump’ schemes. These attackers use compromised credentials to manipulate stock prices through coordinated trading across hijacked accounts, bypassing traditional security measures.

Mobile phishing attack targeting brokerage accountsMobile phishing attack targeting brokerage accounts

Phishing Tactics Unlike traditional pump-and-dump schemes, ramp-and-dump operations inflate stock prices without external promotion. Once a stock reaches a target price, perpetrators sell off their holdings, leaving legitimate investors with losses. The Financial Industry Regulatory Authority (FINRA) has warned about this manipulation, which leads to significant share price collapses.

Mobile phishing attack targeting brokerage accountsMobile phishing attack targeting brokerage accounts

Technical Details Phishing kits sold in Chinese-language Telegram communities allow attackers to target low-liquidity stocks by exploiting vulnerabilities in brokerage multi-factor authentication (MFA) systems, particularly those using phishable one-time passcodes (OTPs).

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