Scammers Combine Stock, Computer Crimes
Posted May 04, 2007 04:56 pm CDT
A fraud that targets computer users at hotels and Internet cafes has netted scammers tens of millions of dollars, according to FBI officials.
The scammers use keystroke logging programs on hotel and Internet computers to steal passwords to brokerage accounts, according to Bloomberg News. Money in the accounts is used to buy stock owned by the scammers, inflating its value and earning them a profit when they sell.
The Justice Department unsealed its first criminal charges in such a case in March, and the Securities and Exchange Commission has filed five civil complaints. More charges are expected.