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1. An illegal practice in which an investor with a long position on a security makes a buy order for that security and immediately cancels it without filling the order. Spoofing tends to increase the price of that security as other investors may then issue their own buy orders, which increases the appearance of demand. The first investor then closes his/her long position by selling the security at the new, higher price. Spoofing is a form of market manipulation. See also: Pump and dump.

2. The act of impersonating a person, usually over the Internet, with the intention of gaining access to another's personal or financial information. It is a means of identity theft.


Some market analysts maintain that the increased volatility in stock markets may be the result of an illegal practice known as spoofing, or phantom bids.

To spoof, traders who own shares of a certain stock place an anonymous buy order for a large number of shares of the stock through an electronic communications network (ECN). Then they cancel, or withdraw, the order seconds later.

As soon as the order is placed, however, the price jumps. That's because investors following the market closely enter their own orders to buy what seems to be a hot stock and drive up the price.

When the price rises, the spoofer sells shares at the higher price, and gets out of the market in that stock. Investors who bought what they thought was a hot stock may be left with a substantial loss if the price quickly drops back to its prespoof price.

Spoofing is a variant of the scam known as pump and dump.

References in periodicals archive ?
When PRS Restrict Spoof attackers will: Attackers usually follows the legitimate protocol by learning the network behavior.
Jeremy Vine: Condemned for "disgraceful' spoof' Ian Huntley: Spoof led to check calls with police
This time round it veers away from the strictly scary genre, and spoofs movies such as The Matrix Reloaded, 8 Mile and Signs.
A smash comedy like "American Pie," which helped clear the way for this summer's outpouring of gross-out humor, is already a successful spoof in its own right.
version of the Gap is even more homogeneous than the ads it spoofs.
The goal of the spoof was awareness of some basic quality concepts (customers, steps in the process, measures, etc.
Working together to enforce the laws that demand that marketers identify themselves, it is hoped that the eventual result of this collaboration will be international jurisdiction for law enforcement agencies when it comes to transnational spoof callers.
Much against the slapstick and over- the- top humour that has forever dominated Indian showbiz, the trend is shifting towards the spoofs, satire and parody.
Tom Cruise jumping the couch - which may not be that old but will surely be in at least the next 40 witless genre spoofs - check.
Neil Taylor, manager and co-owner of Odd Ball Mall, in Tollcross, Edinburgh, said: 'Like many people, we assumed the ads were a spoof, for a joke product.
The spoof publication, called The Journal of Irreproducible Results, ran a series of joke articles, one of them called How To Build An Atomic Bomb In 10 Easy Steps.
The Anti-Phishing Working Group (APWG) announced today that the number of distinct spoof Web sites rose 52% in October 2006 to a record-shattering of 37,444, up from 24,565 a month earlier.