Cyber scam: Fake CEO profiles dupe companies of Rs 7 crore

Cyber criminals have adopted a brand new tactic to defraud firms by posing as high-ranking officers like managing administrators or CEOs to trick workers into transferring cash of their accounts, the Delhi Police‘s Intelligence Fusion and Strategic Operations mentioned.

The fraudsters have siphoned off greater than Rs 7 crore in three reported instances over the past two weeks, Deputy Commissioner of Police (IFSO) Hemant Tiwari mentioned in an announcement.

Sharing particulars concerning the modus operandi, Tiwari mentioned the scammers create a pretend WhatsApp account utilizing the profile image of firm heads, usually sourced from social media or firm web sites.

They then contact accountants or monetary officers and request pressing fund transfers below the guise of vital conferences or high-priority initiatives. Pretend particulars of beneficiary accounts are offered, together with stress techniques to hurry the transaction, learn the assertion.

Sharing particulars of the three incidents, police mentioned within the first occasion, an organization’s accounts supervisor acquired a WhatsApp message from a scammer impersonating the managing director. Utilizing the corporate brand because the show image, the fraudster cited urgency for a Rs 1.15 crore advance cost for a “new challenge”. The supervisor, misled by the scammer’s convincing narrative, transferred the quantity, the officer mentioned.

Within the second incident, a chief monetary officer was duped of Rs 4.96 crore in two separate transactions. The fraudster, impersonating the MD, offered detailed account data and referenced the corporate’s monetary place. The urgency of government-related contracts was cited to govern the CFO into compliance.

Within the final incident, impersonating the brother of an organization director, the fraudster approached an accountant of a personal agency. Utilizing related techniques, he sought two funds of Rs 90 lakh, claiming it was required for “pressing official work”. In the meantime, authorities have urged firms to undertake stringent protocols to stop such incidents.

Police mentioned that each one such requests should be verified bodily and the staff receiving such messages ought to cross-check the small print with different senior officers.

The businesses must also educate workers to recognise impersonation makes an attempt and report suspicious communication whereas multi-level approval programs for high-value transactions should be put in place, it mentioned.