SEC Warns Hackers Prey On Brokerage Accounts

Law360, New York (October 13, 2006, 12:00 AM EDT) -- Securities regulators raised concerns Friday that hackers were targeting U.S. online brokerage accounts.

Regulators have noted a rise in theft from and unauthorized trading in online brokerage accounts, U.S. Securities and Exchange Commission Deputy Enforcement Director Walter Ricciardi said at a legal conference.

He said the SEC intends to take action before the cyber-attacks become a larger problem.

Online investors make about 25% of U.S. retail stock trades through approximately 10 million online accounts, according to brokerages regulator NASD.

Using underhanded tactics, hackers can get passwords...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.