Sales & Marketing
Training & Development
PCs & Servers
Imaging & Printing
Pump-and-dump scam causes spam surge
Aug 9, 2007 3:31 PM
30 per cent increase in spam reported.
Security experts today warned of a "major new spam campaign" designed to manipulate the share price of a company that sells wireless products to young people.
Sophos reported that the scale of the spam campaign is such that it has led to a 30 per cent increase in the amount of spam seen by its global traps during the last 24 hours.
The spam messages are being sent to internet users worldwide with an attached PDF file that urges them to buy shares in a company called Prime Time Group. Investors may not be aware that the spammers have already purchased stock at a cheap price, and are now trying to artificially inflate its price by encouraging others to purchase more. The spammers plan to then sell off their stock at a profit, which may cause the price to plummet.
Sophos notes that since the rise in spam levels, Prime Time Group share prices have risen by 60 per cent.
The spike in spam was first witnessed at Sophos's spamtraps in Germany at 16:40 BST on Tuesday 7 August, but was quickly seen arriving at other monitoring stations around the world. The email messages are being sent from compromised home PCs, turned into zombies by hackers.
"The scale of this stock pump-and-dump spam campaign is like nothing we've seen before, and it looks as though it is working for the cybercriminals behind it. The share price in this company has rocketed as a result of bogus news being blasted to internet users worldwide," said Graham Cluley, senior technology consultant for Sophos.
According to Sophos, pump-and-dump stock campaigns currently account for approximately 25 per cent of the world's spam.
Follow us on
Instagram scam exploits social media vanity
Beware of NBN scams, says ACCC
Scammer gets 10 years over US$1.2m website fraud
10 things we learned this week
Telstra replaces retail boss
Ingram extends 'free' 30-day Microsoft cloud offer
Google Australia's holding company changes to Alphabet
Dark fibre firm spends $5.8m to buy Australian ISP
How CSC-UXC could create a $1.4bn Aussie channel giant
Send us your tips
You must be a registered member of CRN to post a comment.
Click here to login
Click here to register
Ads by Google
Head-to-head: Surface Book vs MacBook Pro
See how the rivals' laptops stack up.
ACCC orders Telstra to drop wholesale prices
Applies to seven fixed-line access services from November.
Dell looking at EMC buyout, say reports
Would be largest technology sector deal on record.
Sign up to receive CRN email bulletins
Optus reseller Yatango Mobile Australia hits the wall
CSC to acquire UXC for $428 million
TPG’s $1bn Vodafone deal delivers slap in face to Optus
TechOne reveals another $10 million buyout
Microsoft unveils first laptop and Surface Pro 4
Powered by Disqus
Has consolidation gone too far in the telco/ISP industry?
view previous polls »
Powered by Disqus
CRN Magazine looks in-depth at the emerging issues and developments for the channel, and provides insight, analysis and strategic information to help resellers better run their businesses.
What's in this issue?
Most popular tech stories
7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero
Do you use Dropbox? Here are some clever tricks
How to get the best parking rates at Sydney Airport
Tip: Your shop can use a smartphone instead of an EFTPOS terminal
How much does it cost to use the NBN? 14 providers compared including iiNet, Telstra, Internode
Photos: Inside the second wing of NSW govt's Unanderra data centre
Cut submarine cable cripples Apple services for Telstra customers
CSC to buy UXC for $428m
Queensland dumps cloud broker scheme
Microsoft debuts first-ever laptop
How to: How much RAM do you really need?
Top 25 fantasy games of all time
11 WhatsApp tricks you may not know about
Top 15 obscure video game consoles for collectors
Hands-on Preview: Dark Souls III
Departing designer sheds dim light on CIG's corporate culture
Runescape and coming home
The rise (and fall?) of StarCraft
Review: Intel i7-4970K
First Impressions - Elite: Dangerous
PC & Tech Authority
nextmedia Pty Ltd
. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of nextmedia's
Terms & Conditions
Login to CRN
Email or Username:
* Email or Username required
* Password required
Forgot your password?
Don't have an account? Register now!
To request a
, enter the email address linked to your CRN account and we'll send one to you.
* Email required
* Invalid Email address
* Invalid Email address
Click here to return to Login Form
comments powered by Disqus.