Several Japanese brokers have reported a rise in attacks on stock trading accounts, allowing malicious individuals to manipulate these accounts. Instead of directly stealing money, the attackers are using compromised accounts to quickly drive up stock prices. This enables them to profit handsomely by purchasing cheap stocks in advance and then selling them once the prices have soared.
Brokers such as Rakuten Securities, Nomura Securities, and SBI have all experienced these attacks since March, primarily through phishing schemes using fake websites to steal user credentials.
Initially, the attackers used victims’ accounts to buy Chinese stocks, prompting brokers to block these transactions. However, they have now shifted their focus to Japanese stocks, which tend to have higher value. Once they gain control of an account, they sell off the entire portfolio and use the proceeds to purchase target stocks.
Source: Japan Times
TLDR: Japanese brokers are facing a surge in attacks on stock trading accounts, where malicious actors manipulate the market by driving up stock prices using compromised accounts.
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