NEW YORK Aug 6 Wall Street's industry-funded
watchdog on Tuesday warned that scammers are turning to a rather
old-fashioned strategy for defrauding investors - the phone
"In a new twist to Internet 'phishing schemes,' which use
spam email to lure you into revealing everything from Social
Security numbers to financial account information, it appears
that some fraudsters may be resorting to a time-tested method -
the telephone call," the Financial Industry Regulatory Authority
(FINRA) said in a statement.
In several recent cases, swindlers posed as employees of a
major brokerage firm and called people, asking for their
financial account details and Social Security numbers. Some of
the imposters advertised high-yield certificates of deposit and
then sent phony forms to collect additional information, FINRA
The industry also recently faced a spate of incidents in
which imposters posing as customers called brokerages to give
wire-transfer instructions. Some brokerage employees wired
client funds to the fraudsters, according to regulatory filings.
For consumers who get marketing calls from brokerages, FINRA
recommends calling a compliance office or customer service
center at the firm to confirm the call is legitimate.
The investor alert is called, "Cold Calls from Brokerage
Firm Imposters - Beware of Old-Fashioned Phishing." (here)
(Reporting By Trevor Hunnicutt; Editing by John Wallace)