Updated: Jul 5
Learn how about how hackers got your stock market accounts accessed.
Generally these Scammers sell penny stock from their account and buy them from the compromised account. Investors of the compromised account will lose money while counter party to the scam orders will gain.
“Cyber-attackers are now turned their focus on stock market. There has been increase in cyberattacks through new types of phishing scam where Scammers are setting up fake websites (PHISHING ATTACK) that looks exactly same as the trading website of leading brokerages.”
Their modes of operand includes sending these fake websites to random people through text messages, e-mails, social media and capture their user name, password, personal identification number or date of birth when unsuspecting investors try to login by clicking the fake website
These credentials will be used to login to the investor’s trading account to execute buy or sell transactions.
Recently a customer got tricked into sharing his login credentials at around 9 am, and by 10 am the hacker logged into the trading account, sold stock holdings worth around Rs 70,000 and created a loss of over Rs 60,000 within a few minutes, said Nithin Kamath, CEO Zerodha. “If you don’t have any cash balance in your account, they sell your existing holdings to fund these trades.
A technology officer of another leading brokerage said similar complaints were received from their clients regarding unauthorized trading. Investigation in these matters revealed that the clients tried to login from an email message sent to them offering free brokerage during lockdown period”.
Generally, these fraudsters sell stocks from their account and buy them from the compromised account. Investors of the compromised account will lose money while counter-party to the scam orders will gain.