Spammers target companies looking for stock boost
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Also: Huge numbers of dinosaurs lie in wait. Read these stories and more from around the Web on News.com Extra.
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Pump and dump gang raked in millions Notorious spammer Alan Ralsky and ten others have been indicted in the US over the alleged use of junk mail to promote stock fraud scams.â¦
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By Jim Hopkins  SAN FRANCISCO -- The tech quandary  for many small businesses isn't about building a better website or when to buy Microsoft's new Vista operating system. It's an old problem managers thought they'd already licked: spam.
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Spammers are a key adopter of a technology meant, in part, to fight spam.
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Spammers have come close to ruining e-mail--and threaten to do the same to Internet telephony. The time to stop them is now.
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A variation of spam is sliding past spam filters into inboxes, but it&#39;s not likely the new trick will be successful much longer, a security expert said Thursday.The spam messages, urging recipients to buy a stock, have an MP3 audio attachment but no subject line or text, said John Graham-Cumming, an anti-spam consultant and researcher who is based in France.&quot;I think this is the first time we&#39;ve seen this,&quot; said Graham-Cumming, who tracks new kinds of spam.The audio messages, which vary in length, contain a warbled, robotic voice with a British accent encouraging people to invest in Exit Only, a company that owns a Web site, www.Text4Cars.com, which connects vehicle buyers and sells through SMS (Short Message Service). Exit Only says it&#39;s not involved in sending the spam.Graham-Cumming said the spam falls into the category of &quot;pump and dump&quot; fraud. Scammers invest in a company with a low-priced stock and send out a round of spam, causing gullible investors to buy it and increase the stock&#39;s price.As the stock price peaks, fraudsters cash out, which causes the stock to precipitously fall, burning other investors. The practice is illegal.Exit Only was trading around $0.41 on Thursday. Not much detail is available on the company, but it issued a news release on Tuesday heralding the launch of its Text4Cars service in the Los Angeles area. The news release said the company hoped to be fully launched in the United States in early 2008.Exit Only&#39;s CEO, David Dion, said he learned of the spam around Wednesday morning. He has since notified the U.S. Securities and Exchange Commission and said his company has nothing to do with the spam run.&quot;I am very distraught by this,&quot; Dion said.Dion said only about 100 shares have been traded so far, so the scam hasn&#39;t been successful.The messages are more annoying than harmful. But there are a variety of defenses e-mail administrators and security companies can employ to stop it, Graham-Cumming said.Spam filters can be configured to cull messages with MP3s, since most companies don&#39;t have a business use for the file type, Graham-Cumming said. Administrators can also change their e-mail server settings to slow down the speed at which they receive messages with MP3 attachments, he said.That method has been proven to frustrate spammers, who typically shut down the connection if the spam isn&#39;t going through quickly enough since the delay consumes valuable bandwidth, Graham-Cumming said.These spam messages are also relatively large -- around 100KB -- compared to other spam, which may be another reason this kind of spam may not be around for long. Spam messages with larger file sizes require more bandwidth to send, meaning spammers can&#39;t send out high volumes of messages, Graham-Cumming said.&quot;Honestly, my prediction is this is going to be around for a while and disappear,&quot; he said.E-mail security company MessageLabs said it was catching about 10,000 spam messages with MP3s per hour since late Wednesday night.
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Your e-mail gets spammed, your instant messaging client gets spammed, your blog comments get spammed... and now your printer doesn't have to feel left out, because researcher Aaron Weaver has discovered how the sellers of pump-and-dump stocks and dubious chemical concoctions can get you there, too.
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The U.S. Securities and Exchange Commission (SEC) has suspended trading for 35 companies that allegedly benefited from spam e-mail campaigns to hype their stocks.
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Some spammers are getting their messages through using techniques designed to spot and stop them. A survey shows that spammers are the biggest users of a technique designed to find out if e-mail comes from the net address it says it does.
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Spammers have turned to the use of PDF-based e-mail messages to try to slip under the security radar and get their messages through to unsuspecting recipients.
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Try not to smile: A top spammer may be sentenced to hard time.
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A plan to bump up the bandwidth bills of spammers seems to be getting out of control. Earlier this week Lycos Europe released a screensaver that bombards spam websites with data to try to increase the cost of running such sites.
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Targeted phishing attacks aiming to plant malware on corporate networks are going out to companies that have posted job openings on CareerBuilder.com, according to reports from one affected party.
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(InfoWorld) - The Securities and Exchange Commission has taken the drastic step of suspending trading in shares of 35 companies whose stocks have frequently been touted in mass spam campaigns. SEC officials said on Feb. 8 that the firms involved -- none of which are household names -- have been the subject of repeated spam efforts meant to drive up trading of their securities and, subsequently, the value of the companies themselves. The trading bans will last for 10 days, after which shares in the involved companies will be unlocked -- unless the SEC's ongoing investigation proves any of the firms were involved in the e-mail schemes. While the ban might seem unfair to the businesses involved, especially if their names and securities were merely selected by scammers looking for penny stocks to inflate in so-called pump-and-dump operations, SEC officials said that in each business's case, there were sufficient questions raised regarding the "adequacy and accuracy" of information being advertised about the companies. Criminals have increasingly begun using spam to drive up interest in cheap stocks over the last several years. Before sending out mass messages about a specific firm, the individuals buy stock in the companies in the expectation that, with their e-mails, they can convince other people to purchase shares. When prices of the shares involved rise, the schemers sell off their own holdings, thus the pump-and-dump moniker. The spam messages, which often feature subject lines such as "Fast Money," have become one of the types of unwanted e-mail most frequently delivered to inboxes over the last year, alongside advertisements for prescription medications. Whenever misleading information is being widely distributed about a firm whose securities are traded, the SEC takes such actions, an agency representative said. "All we can say is that we suspend trading any time we think misinformation about specific securities is being reported," said Helene Glotzer, an SEC spokeswoman. "We're not making a statement that these companies themselves were behind the misstatements, but if the information is out there we feel it is important to let the investing public know; we'll continue our investigation, and if it is appropriate to take action against any of the companies, that is what we will do." The suspensions are part of an SEC initiative known as Operation Spamalot, which was launched specifically to shield investors from spam e-mail "hyping" small company stocks. SEC officials said that anyone who has received such e-mail will recognize the names of the companies who were suspended, as they are among the most frequently cited businesses in securities-related spam campaigns. The messages typically advertise some new product or impending deal that will increase the value of the companies and encourage investors to buy their low-priced securities, which are usually penny stocks. For instance, among the companies whose shares were suspended is Apparel Manufacturing Associates, a Bloomfield, Conn.-based firm that markets itself as a management and development company focused on the fashion arena. The SEC said that on Friday, Dec. 15, 2006, shares in Apparel Manufacturing closed at 6 cents, on a trading volume of 3,500 shares. After a weekend-long spam campaign using e-mails about the company advertising "huge news" that encouraged investors to "get in before the wire," trading volume in the stock rose to 484,568 shares on Monday, Dec. 18, with the price of the stock rising to more than 19 cents a share. The agency said that two days later the price had climbed to 45 cents per share, but one week after, Apparel Manufacturing's share price had fallen to 10 cents on trading volume of 65,350 shares. Calls to the company seeking comment on the stock suspension were not immediately returned. If the SEC investigation finds no link between the companies involved and the spam campaigns, their shares will be released for trading on March 21, 2007. SEC officials noted that the suspensions were all handed out to companies that are not subject to the SEC reporting requirements and whose shares are not listed on any exchange or on the OTC Bulletin Board. This means that brokers posting quotations for the purchase and sale of the securities are not required to conduct due diligence regarding the issuers, according to the agency. The 35 companies whose trading was suspended by the SEC are: Advanced Powerline Technologies, America Asia Petroleum, Amerossi International Group, Apparel Manufacturing Associates, Asgard Holdings, Biogenerics, China Gold, CTR Investments & Consulting, DC Brands International, Equal Trading, Equitable Mining, Espion International, Goldmark Industries, GroFeed, Healtheuniverse, Interlink Global, Investigative Services Agencies, iPackets International, Koko Petroleum, Leatt Corporation, LOM Logistics, Modern Energy, National Healthcare Logistics, Presidents Financial, Red Truck Entertainment, Relay Capital, Rodedawg International Industries, Rouchon Industries, Software Effective Solutions, Solucorp Industries, Sports-stuff.com, UBA Technology, Wataire Industries, WayPoint Biomedical Holdings, and Wineco Productions.
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Legitimate mortgage lenders inadvertently support--and get tangled in--spam traps.
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Aggressive spam blasts against specific domains disrupt small and midsize businesses.
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A surprising amount of shoppers are willing to buy from spammers, study finds.