SEC Urges Investors to Protect Their Online Brokerage Accounts from Identity Thieves

["Richard M. Smith" <rms () computerbytesman com>]

http://www.sec.gov/news/press/2005-158.htm

FOR IMMEDIATE RELEASE
2005-158


Washington, D.C., Nov. 3, 2005 - The Securities and Exchange Commission
today issued an investor guide designed to inform Americans about steps they
can take to protect their online brokerage accounts from unauthorized
activity by intruders. 

Regulators believe that some identity thieves are targeting online brokerage
accounts for intrusion. Over the past few months, the SEC has become aware
of numerous situations in which unauthorized individuals have gained access
to other people's online brokerage accounts. Some of these fraudsters have
stolen money from investors by transferring funds from the online brokerage
accounts to outside accounts. 

Many identity thieves use malicious software programs to attack vulnerable
computers of online users. These software programs can monitor computer
activity and send information back to the thief's computer. Sometimes, these
programs will keep track of key strokes, which then allows identity thieves
to easily obtain username and password information.

"We are concerned that many investors aren't taking appropriate precautions
when accessing their online brokerage accounts," said SEC Investor Education
Director Susan F. Wyderko. "In our guide, we offer tips on how online
investors can protect their personal information from intruders." 

Installing a personal firewall and security software package, using a
security token, and ignoring emails requesting confidential or sensitive
information are among the ways investors can protect themselves from
identity thieves. 

The SEC's investor guide is available at
www.sec.gov/investor/pubs/onlinebrokerage.htm.

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