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Beware: twitter
20 December 2010

Several scammers have been recently arrested in the US for abusing the Facebook and Twitter social networks.

The swindlers used the sites to tout stocks in a "pump and dump" fraud. They used Twitter feeds to lure  people to buy cheap stocks they'd artificially inflated through false "independent market research"  The loss is estimated at about $7 million.

Cyber fraud is developing together with IT, says the head of the R-Tehno agency Roman Romachev:"Scamming is easy with microblogs and social networks. All swindlers have to do is to create a web-community , make several trustworthy forecasts and then start manipulations to pump up cheap stocks."

Scammers are good psychologists, they know that people tend to trust "independent" forecasts, especially distributed through  the Net which is currently more trusted than other media.

The Internet has recently become a vast arena for scam. Last Friday 37 people were arrested in the US and charged with using the Trojan Zeus worm which stole passwords to on-line bank accounts. They managed to withdraw some 220 mln dollars.

Marina Volkova
Voice of Russia

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