Stock market is the fresh target for hackers
This is the update:
Thursday, 23rd April 2020
Hackers are done with targeting banking systems. Their focus is now shifted to stock market. The scammers are making fake websites look like trading platforms of top brokerages.
Their plan is inclusive of sharing fake websites with people via texts, emails and social media to hack their user name, password and other important credentials.
Prakarsh Gagdani, CEO of 5paisa.com stated, “What we proactively do is constantly check for sites which have any lookalike of our name and design and we immediately take action if we find them”.
The scammers sell penny stocks from their account and then buy them from another compromised account. The one who has invested in this account will lose money and the hacker gains.
After market regulator Sebi took strict actions against the scammers, many firms vanished. A penalty of Rs.40 lakhs was imposed by Sebi last year on StarIndia Market Research for defying Sebi acts. The Sebi Regulations were framed to make sure that the risk profile suits the products offered by the advisors.
Source: Economic times
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