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Security firms report the amount of Pump 'n Dump financial fraud spam has dropped from 50 percent of all spam in February to just 5 percent today:'Pump 'n' dump' is the name given to spam emails distributed by online fraudsters looking to boost the share price of thinly spread, small-cap stocks.
The scam, often linked to mafia criminal groups, has essentially been around since even before the internet (via cold-calling rather than email). It reached its online peak in February of this year - representing half the total spam in circulation.
But an analysis of some six million emails per week conducted by Marshal Software's TRACE team shows that the scam now only represents 5.1 per cent.
Bradley Antsis, director of product management at Marshal, said the joint efforts of financial regulators and
Image-based spam also decreased but unfortunately the total volume of spam remains the same, or even slightly higher.
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