Hackers use Japanese brokerage a/cs in $700 mn global stock manipulation

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Hackers use Japanese brokerage a/cs in $700 mn global stock manipulation - Business Standard

Quick Summary:

The Japan Securities Dealers Association, the umbrella group for the country’s securities firms, is also pushing its members to upgrade their systems to make multi-factor authentication mandatory.

One investor who asked not to be named to protect his privacy said he lost around 50 million yen when his account was hacked and used to buy both Japanese and Chinese individual stocks.

Cases of fraudulent trading jumped to 736 in the first half of April from 33 in February, according to Japan’s Financial Services Agency, without saying how much the victims had lost.