Thoughts and Riches

.....a blog about personal finance, motivational stories, deals, and special offers

Books
Web Domain Registration
Go Daddy $12.99 Turbo SSL Sale!
Banner
Get Started Now
Friday, November 03, 2006
Buy Low and Sell High - Hackers' Stock Trading Strategy
Both E-Trade and TD Ameritrade brokerage firms had their sites hacked recently. After gaining access to customer accounts at these firms, the hackers allegedly made numerous trades, buying low-priced, low volume stocks. By buying these stocks in large numbers using the brokerage firms' customer accounts, they drove up the prices of these stocks. The hackers already owned these stocks in separate accounts, and after driving up the prices of these stocks, they sold their own stocks at profit.

As this pump-and-dump strategy indicates, hackers have been becoming increasingly sophisticated in their approach and this is becoming an increasing concern for businesses and customers. Having been subject to ID theft myself, I know it's a big nuisance and takes a lot of time, money and headaches to clear up things. E-Trade estimates that its customers lost several million in losses. However, the customers at E-Trade and TD Ameritrade fortunately won't at least be losing financially for any losses, as both the brokerage firms will be covering their losses.
posted by Ruby @ 7:13 AM  
0 Comments:
Post a Comment
<< Home
 

See important Disclosure and Disclaimer

Favorite Quote
"If you look at what you have in life, you will always have more. If you look at what you do not have in life, you will never have enough".
                - Author Unknown
Disclosure
This site uses cookies from companies like Google and others to enable the companies to deliver their services, personalize their ads and product offerings, and for traffic analysis. Information about your use of this site is shared with these companies. By using this site, you agree to its use of cookies. Additionally, this site, including blog posts, may contain reviews, links, banners, text and other forms of advertisements for products, services, courses, and so forth of companies of which we may be an affiliate member or for which we may get paid for referrals. This site may also contain blog posts for which we are paid, as well as blog posts regarding products or services of companies from which we may have received complimentary products or services.
Reward Surveys/Panels/Shopping/Contests
Kellogg's Coupon Newsletter
Mint.com - Take Control of Your Money
Protect Your Computer Files
Upromise.com
Job Search site
Indeed Jobs
Yahoo! HotJobs - Job Postings
Monster
CareerBuilder
Credit Cards
Best Western Canada Credit Card - 20,000 rewards points: Apply Now!
Apply Now!
Insurance
Health: eHealthInsurance
Auto: www.21st.com
Travel
Phone Service
Investing
TheStreet.com 120x120 Best Seller Giveaway
Household
eFaucets.com
Babysitters
Nannies4hire.com
Find the perfect babysitter at Sittercity.com
Previous Posts
Archives
Favorite Charities
Disclaimers, Privacy Policy, and Disclosures
  • Disclaimer, Privacy Policy, and Disclosures

  • Third-Party Offer Disclaimer
  • Subscribe to Blog Posts
    Add to Google Reader or 

Homepage
    Bookmark this blog site
    Contact Me

    Email

    Web Site Link Exchange

    Link Exchange

    © Thoughts And Riches proudly powered by Blogger.