Hackers Set Their Sights On Brokerage Accounts

Law360, New York (October 24, 2006, 12:00 AM EDT) -- Weeks after securities regulators raised concerns that hackers were targeting U.S. online brokerage accounts, two large brokerage firms have admitted that they have been victims of the new fraud.

E-Trade Financial Corp., the fourth-largest brokerage, revealed last week that operations in Eastern Europe and Thailand had resulted in $18 million in losses for customers in the third quarter alone, according to the Washington Post.

The revelations came during the company’s earnings conference call, with an E-Trade spokesperson indicating that officials wanted to take the opportunity to...
To view the full article, register now.