Post by golden on Jan 21, 2012 19:03:51 GMT 10
Warning to traders after hackers target shares
Australia's corporate regulator has issued an urgent warning to online share traders to upgrade their security after hackers broke into some accounts and used them to buy shares.
The Australian Securities and Investment Commission (ASIC) says it is the first time hackers have managed to make transactions on Australian share trading sites.
ASIC says it was during regular surveillance of financial markets that it noticed signs of an intruder, and there is more than one person involved in this operation.
The regulator's head of market supervision, Greg Yanco, says it appears that an accomplice is buying shares at the normal price and then putting them up for sale at an inflated price. The hacked accounts are then used to buy those overpriced shares.
Audio: ASIC urges traders to increase online security (AM)
ASIC says it knows of about 12 accounts which have hacked, but only a few have been used for unauthorised transactions.
Stockbrokers Association of Australia policy executive Doug Clark says it is treating this breach as "quite a significant matter".
"It's certainly one that is of concern to the industry because it involves not just access to client information, but also trading directly on client accounts," he said.
Mr Clark says this is the first time he has heard of a breach of this nature.
"I haven't heard of one which involves accessing client information and then trading," he said.
"I haven't heard of one that takes it to the next stage of trading."
The accounts targeted were those that have been dormant for some time, presumably the culprit has been watching and picking targets over time.
Mr Clark says the association does not have the full details, but the ASIC investigation continues.
Mr Yanco has told AM the total amount of money missing is about $200,000.
Though ASIC is leading the investigation, the Federal Police are believed to have been informed.
ASIC is also working with authorities in other countries to try to trace the hackers.
Mr Yanco says the theft should serve as a warning to anyone who trades shares online.
He advises users of online stockbroking accounts to immediately upgrade virus protection software then check their transaction history and change their password.
Topics: stockmarket, internet-technology, hacking, security-intelligence, australia
First posted January 21, 2012 12:54:49
www.abc.net.au/news/2012-01-21/urgent-warning-after-trading-sites-hacked/3785960
g
Australia's corporate regulator has issued an urgent warning to online share traders to upgrade their security after hackers broke into some accounts and used them to buy shares.
The Australian Securities and Investment Commission (ASIC) says it is the first time hackers have managed to make transactions on Australian share trading sites.
ASIC says it was during regular surveillance of financial markets that it noticed signs of an intruder, and there is more than one person involved in this operation.
The regulator's head of market supervision, Greg Yanco, says it appears that an accomplice is buying shares at the normal price and then putting them up for sale at an inflated price. The hacked accounts are then used to buy those overpriced shares.
Audio: ASIC urges traders to increase online security (AM)
ASIC says it knows of about 12 accounts which have hacked, but only a few have been used for unauthorised transactions.
Stockbrokers Association of Australia policy executive Doug Clark says it is treating this breach as "quite a significant matter".
"It's certainly one that is of concern to the industry because it involves not just access to client information, but also trading directly on client accounts," he said.
Mr Clark says this is the first time he has heard of a breach of this nature.
"I haven't heard of one which involves accessing client information and then trading," he said.
"I haven't heard of one that takes it to the next stage of trading."
The accounts targeted were those that have been dormant for some time, presumably the culprit has been watching and picking targets over time.
Mr Clark says the association does not have the full details, but the ASIC investigation continues.
Mr Yanco has told AM the total amount of money missing is about $200,000.
Though ASIC is leading the investigation, the Federal Police are believed to have been informed.
ASIC is also working with authorities in other countries to try to trace the hackers.
Mr Yanco says the theft should serve as a warning to anyone who trades shares online.
He advises users of online stockbroking accounts to immediately upgrade virus protection software then check their transaction history and change their password.
Topics: stockmarket, internet-technology, hacking, security-intelligence, australia
First posted January 21, 2012 12:54:49
www.abc.net.au/news/2012-01-21/urgent-warning-after-trading-sites-hacked/3785960
g