In a new attack tactic aimed at Hong Kong share trading users, hackers overwhelm victims with junk text messages while hacking their accounts to conduct unlawful share trading. The junk messages distract victims from transaction notifications sent by their banks or securities firms, and delay their reporting of the hacking. Hackers would purchase Hong Kong penny stocks with their own share trading accounts before using victims' accounts to purchase the same shares to drive up the price, and then selling the shares for a profit. The operation would be completed in 10 minutes.
In the first three quarters of 2016, the Hong Kong police had uncovered more than HK$126 million (S$24 million) in unauthorised share trading.