Boss Scam

Boss Scam Latest News

SEBI recently cautioned regulated entities and listed firms against a ‘Boss Scam’, wherein fraudsters impersonate chief executives or senior officials to trick finance teams into transferring funds. 

About Boss Scam

• It is an emerging cyber fraud where fraudsters impersonate Chief Executive Officers (CEOs), Managing Directors (MDs) and other senior officials to trick finance executives into transferring funds.
• Cyber criminals are using two major methods to carry out the fraud.
• Under the first method, fraudsters use deepfake technology, including AI-generated voice cloning, fake video calls and false social media groups to impersonate top executives.
  • Finance officials are then instructed to transfer money to a specified bank account. 
  • In some cases, they are also told not to disclose the transaction by claiming that it relates to Unpublished Price Sensitive Information (UPSI).
• Another method involves sending compressed ZIP files containing malicious executable programs.
  • Once opened, these files can compromise systems and hijack the active WhatsApp Web sessions.
  • The fraudster gets access to the finance officer’s WhatsApp account and then contacts accounts or finance employees, instructing them to make immediate payments to specified bank accounts
  • In some instances, attackers modify contact lists by saving their own numbers under the names of CEOs or MDs, making fraudulent messages appear genuine.

News: TH

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