While medication and pill-related spam occupies 41.4% of reported spam, stock scams are becoming a serious threat.
This is according to Sophos research findings on the most prominent categories of unsolicited e-mail reported during the first six months of this year.
"Spam received in a global network of spam traps and analysed by Sophos Labs revealed that stock scams are on the rise. Unsolicited pill or medication e-mails, including generic or non-brand name versions and other pharmaceuticals, accounted for more than 40% of all spam traffic," says Brett Myroff, CEO of local Sophos distributor Netxactics.
The increased volume of "pump-and-dump" stock scam spam - increasing at an average rate of 10% per month - is representing a new financial threat to some na"ive online investors, he adds.
Stock spam accounts for 8.5% of spam while mortgage-related and porn-related spam are still ahead, accounting for 11.1% and 9.5% respectively. "Unsolicited pornography, still accounting for 10% of all spam, is losing some ground," says Myroff.
"We would imagine that stock scams are on the increase due to the fact that it appears a way to make some quick money."
The primary aim of the pump-and-dump stock racket is to disseminate false information about a company's stock, as well as information from recent press releases, to gullible investors via e-mail, says Myroff.
"They typically target micro cap stock, then dump their shares and stop advertising the stock. When the price falls, investors lose their money.
"These campaigns are low volume and typically run for short periods of time. Some of the information provided might be accurate, but it's still spam whichever way you look at it - due to the deceptive and unsolicited nature of the messages."
Most stock scam spam campaigns use obfuscation techniques, with word variations including "st0ck" or "stox" to bypass spam filters. Messages can also arrive in an array of formats, such as HTML or plain text and are generally sent via zombies, or hijacked PCs, says Myroff.
"Social engineering through e-mail, where scam artists take advantage of unsophisticated computer users, is on the rise and represents a dangerous trend," says Brian Burke, International Data Corporation research manager.
"Stock scams, combined with traditional phishing techniques, can result in significant financial loss for victims of these swindles."
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