​Recent reports highlight a surge in cyber frauds where scammers impersonate company executives on WhatsApp to deceive employees into transferring large sums of money. These fraudsters often use cloned display pictures (DPs) of CEOs or managing directors to lend credibility to their requests.

Notable Incidents:

• Mumbai Firm Duped of ₹4.4 Crore: A cybercriminal posed as the executive director of a leading engineering firm, convincing a company official to transfer ₹4.4 crore across multiple bank accounts via WhatsApp messages. The fraudster claimed to be using a new number due to poor connectivity during a business trip, making the deception more believable.
• Multiple Companies Targeted for ₹7 Crore: In Delhi, scammers created fake WhatsApp profiles using photos of company heads sourced from social media or official websites. They contacted accountants or financial officers, requesting urgent fund transfers under the guise of critical meetings or high-priority projects. Over ₹7 crore was siphoned off in three reported cases.
• Gujarat Firm Loses ₹1.98 Crore: A financial officer from an advisory firm was deceived into transferring ₹1.98 crore after a cybercriminal used a WhatsApp profile with his boss’s photo to gain trust. The fraud was uncovered when the employee contacted his boss, who denied making any such request.
• Kolkata Merchant’s Friend Scammed of ₹50 Lakh: Six individuals were arrested for cloning the WhatsApp DP of a Kolkata-based merchant and using it to defraud his friend of ₹50 lakh. The accused were traced and apprehended in Mumbai and Kolkata.

Preventive Measures:

• Verify Requests: Always confirm financial requests through a secondary communication channel, such as a direct phone call or in-person verification.​
• Implement Multi-Level Approvals: Establish protocols that require multiple approvals for significant fund transfers.​
• Educate Employees: Conduct regular training sessions to make staff aware of such fraud tactics and how to respond.​
• Report Suspicious Activity: If you suspect a fraud attempt, report it immediately to the authorities and inform your organization’s IT and finance departments.​

These incidents underscore the importance of vigilance and robust verification processes to protect against sophisticated cyber frauds.​

Sources