New Scam Targets Office Workers, Bank Accounts Wiped Out Instantly

If you are an employee, particularly in a finance unit, you need to be wary of anyone claiming to be your boss or CEO and requesting a sum of money to be transferred. It could be a cyber scam.

This type of fraud has become so widespread that India’s market regulator has stepped in. The Securities and Exchange Board of India (SEBI) issued a warning about scams involving the impersonation of CEOs and other senior executives across various platforms, including social media.

The perpetrators will ask employees to send money to their accounts. SEBI has therefore reminded the public not to transfer money based solely on instructions received through platforms such as social media.

The so-called Boss Scam is carried out through several methods using platforms like email, WhatsApp, Microsoft Teams, and other social media. One method involves the fraudster, pretending to be the boss, instructing victims to transfer a sum of money to an account controlled by the perpetrator.

Another modus operandi sees the perpetrator sending a malware file. When the file is opened, it hijacks WhatsApp Web, compromising the victim’s device. By hijacking WhatsApp Web, the perpetrator gains access to the finance department’s staff. The employee is then instructed to send money to the perpetrator’s account.

‘The fraudsters gain access to the WhatsApp account of a financial officer and then contact accounting or finance employees, asking them to make an immediate payment to a designated intermediary bank account,’ SEBI stated.