facebook
twitter
rss
account
search
search
 

Hackers target U.S. 401(k) plans, FBI says

March 20, 2007 at 3:22 PM   |   Comments

WASHINGTON, March 20 (UPI) -- Russian cybercriminals have stolen tens of millions of dollars by hacking and looting U.S. 401(k) retirement and stock accounts, U.S. investigators said.

"You could wake up one morning and find all your money in your retirement account or in your trading account is gone," Securities and Exchange Commission Internet enforcement chief John Reed Stark told ABC News.

Authorities are investigating similar schemes in India, Hong Kong and Malaysia, SEC and FBI officials said.

The hackers sometimes cash out stocks in retirement plans and wire the money to their own account or sell off the holdings to "pump and dump" shares in worthless stock they control, the officials told ABC.

In many cases, U.S. account holders have their user IDs and passwords stolen when they use computers at hotel business centers and other Internet connection points, the ABC News report said.

Hacked accounts include customers of E*trade Financial Corp., Scottrade Inc., TD Ameritrade Holding Corp., Fidelity Investments, Merrill Lynch & Co., Charles Schwab Corp. and Vanguard Group.

Topics: John Reed
© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
3
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
Trending News
Video
x
Feedback