Mobile Phishers Target Brokerage Accounts in ‘Ramp and Dump’ Cashout Scheme
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Summary
Researchers have found that cybercriminals are targeting customers of brokerage services with phishing kits that turn stolen card data into mobile wallets.
Rather than trying to wire funds directly out of compromised accounts, which may be blocked by security controls, the groups are turning to a “ramp and dump” scheme.
This involves using multiple compromised brokerage accounts to buy large numbers of shares in a targeted company and then selling them off after the price rises to a certain point.
The researchers traced this activity to a busy Chinese-language community that is openly selling such mobile phishing kits on Telegram.
One popular vendor, “Outsider,” includes tutorials on how to target specific brokerage firms.
The industry has taken note of the rise in such activities, with Schwab issuing warnings to clients earlier this year.