Bengaluru, August 12: Though this scam is not new, rising cases have forced banks to re-educate customers about the ‘boss scam’ where fraudsters impersonate senior company leaders or trusted colleagues to make unauthorised payments or share sensitive information.
The scam’s modus operendi
Fraudsters send emails or messages on social media or messaging platforms, impersonating regulators or senior company executives. The message usually claims that the organiation has violated some regulations, forcing the receiver to act quickly. The fraudster then shares a ZIP file, supposedly containing compliance or security documents that secretly installs malware on the system. This gives fraudsters access to their real social media or messaging apps, hijacking it to the finance or accounts personnel to make high value transfers. In some cases, the criminals save their own numbers under the CEO’s name on the compromised device, making fraudulent instructions appear completely legitimate.
“The fraudsters are using Boss Scam incidents to defraud organisations where the employees from the accounts department (authorised signatories) are induced to make payment on pretext of fake instructions received from the senior executive of the organisation. Awareness is the strongest defence against such frauds. These scams combine social engineering, malware and impersonation techniques to trick employees into making unauthorised fund transfers. Organisations should ensure strict controls around software installation, employee awareness programmes, and verification of payment requests before processing transactions. Authorised signatories must be advised against making any payments merely based on text / email without ensuring authenticity of such messages.”Mr. Manish Agrawal, Senior Executive Vice President – Credit Intelligence and Control – HDFC Bank, explains.
Tips to protect yourself from Boss Scam
- Always verify financial requests independently: Cross-check any urgent payment instruction or beneficiary account change request through a direct phone call or face to face confirmation.
- Never install unknown files: Do not download or install ZIP/executable files received from unknown sources—regulators never send attachments via social media apps.
- Enforce software restriction policies on company systems. Keep device’s operating system malware detection tools updated.
- Report fraudulent/suspicious calls, messages on the Chakshu portal at https://sancharsaathi.gov.in/ or via the Sanchar Saathi mobile app.
In the event of such fraud, the victim should immediately report the unauthorised transaction to the bank and get the payment blocked to protect against further losses. Customers should also file a complaint by calling 1930, the helpline by the Ministry of Home Affairs as well as submit a complaint to the National Cyber Crime Reporting Portal: https://www.cybercrime.gov.in
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