Spam Reports

Spam Gets Blasted. SEC Takes No Prisoners!

A decrease of unwanted messages

By Alexandru Dumitru, Security News Editor

5th of October 2007, 08:11 GMT

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One type of spam has been blasted down as the US Securities and Exchange Commission has been suspending trading in the securities of companies that haven't provided adequate and accurate information about themselves to the investing public. In case you haven't already figured that out, I'm talking about stock market e-mail spam, commonly known as pump-and-dump

spam.

However, spam is still out there, annoying the crap out of everyone, but this type of unwanted messages has been cut down, and SEC deserves a lot of credit for this since they are leading an assault against this type of spam. Due to their actions, the profitability of these schemes has been taken down, thus making them inefficient. And as a Symantec report showed it, financial spam-scam ranked last in the spam chart.

"The SEC is moving aggressively against stock market spam that has been clogging our e-mail inboxes for too long," said SEC Chairman Christopher Cox. "Because of our aggressive enforcement efforts, there has been a reported 30 percent drop in financial spam, and that means fewer investors are getting ripped off."
Mark K. Schonfeld, Director of the Commission's New York Regional Office, said, "Today's trading suspensions exemplify our firm commitment to protecting investors from stock fraud and spam e-mail. Investors are entitled to accurate and adequate information about public companies, and we will take strong action promptly when companies fail to fulfill this obligation."

So, their actions are great, from two perspectives - one, that investors will get the right info and less people will be scammed; and two, there will be less spam (at least of this type). If security experts are to curb down the number of spam types, then it will certainly be a lot easier to fight off unwanted messages!

Here is the Securities and Exchange Commission website, and here is a link to Symantec's report should you wish to get more info.

TAGS:

spam | financial | pump and dump | scam

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