It's a bull market for stock spam

The volume of stock scam spam has risen, posing a new threat to investors, warns a new study

Though traditional spam categories -- medication, mortgage and pornography -- continue to dominate, new ones such as stock scams are growing, according to the study, which covered the first six months of 2005.

Medications, including unbranded versions of Viagra, accounted for 40 percent of all spam traffic, the study said. This was followed by mortgages at 11 percent and porn at 9.5 percent. Stock-related spam came in fourth place at 8.5 percent of the total spam traffic. The volume of "pump-and-dump" stock scam e-mail has increased at an average rate of 10 percent per month.

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