The Delhi Police’s Intelligence Fusion and Strategic Operations warned that cyberscammers have adapted a new strategy to swindle businesses by impersonating senior executives, such as managing directors or CEOs, in order to fool staff members into sending funds to their accounts. In three recorded cases over the past two weeks, the scammers have embezzled over Rs 7 crore, according to a statement from Deputy Commissioner of Police (IFSO) Hemant Tiwari.
Tiwari revealed the scammers’ method of operation, claiming that they create a phony WhatsApp account using the profile photo of company executives, which they frequently take from social media or company websites.
Then, posing as urgent meetings or high-priority initiatives, they get in touch with accountants or financial authorities and ask for immediate fund transfers. Pressure techniques are used to expedite the transaction, and fictitious beneficiary account details are supplied, as per a statement.
Police shared details of the three occurrences, stating that in the first, a fraudster posing as the managing director sent a WhatsApp message to the company’s accounts manager. The scammer used the company’s logo as the display image and claimed that a Rs 1.15 crore advance payment for a “new project” was urgently needed. According to the officer, the manager transferred the money after being duped by the con artist’s compelling story.
A chief financial officer was defrauded of Rs 4.96 crore in two different transactions in the second occurrence. The scammer used the company’s financial situation and specific account information while posing as the MD. The CFO was coerced into cooperation by pointing to the necessity of contracts with the government.
In the most recent instance, the fraudster approached a private firm’s accountant while posing as the brother of a corporate director. He claimed that two payments of Rs 90 lakh were necessary for “urgent official work” and used similar strategies.
To stop similar occurrences, officials have asked businesses to implement strict procedures.
According to the police, all such requests need to be physically confirmed, and staff members who receive them should double-check the information with higher-ranking officials.
Additionally, it stated that multi-level permission mechanisms for high-value transactions must be implemented and that enterprises should train their staff to spot impersonation efforts and report questionable communications.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, The Mainstream formerly known as CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, The Mainstream formerly known as CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK
