Cyber criminals are continuously committing fraud cases with the help of new technologies. The latest case is related to fraud of crores of rupees by creating fake profiles of CEOs or MDs of companies on WhatsApp. In this new cyber fraud, criminals are contacting accountants or financial managers of companies and causing them losses worth lakhs of rupees on the pretext of emergency fund transfer.
How does cheating happen?
Cyber thugs create fake WhatsApp accounts by taking pictures of CEO, MD or owner from companies’ websites and social media platforms. Next, they contact the company’s accountant or financial officer citing emergency situations. The criminals pose as senior officers of the company and give instructions to transfer funds.
IFSO (Police) DCP Hemant Tiwari said that in the last 10 days, three such incidents have come to light in which a total of Rs 7 crore has been defrauded.
Three big fraud cases
First incident:
The account manager of a company was contacted through a fake WhatsApp profile.
The fraudster asked to immediately transfer Rs 1.15 crore for a “new project”.
The manager transferred the amount without verification.
Second incident:
The cyber criminal instructed the CFO to make two separate transactions worth Rs 4.96 crore.
The fraudster said that the MD was busy with government officials, thereby pressurizing him to give immediate priority to the fund transfer.
Third incident:
The fraudster contacted the accountant in the name of a relative of the director of a reputed company.
The accountant transferred Rs 90 lakh (in two installments of Rs 50 lakh and Rs 40 lakh) to the accounts given by the fraudster.
DCP Hemant Tiwari said
“This fraud highlights the shortcomings in cyber security and fund transfer processes within companies.”
warnings and advisories
It is necessary to be cautious in such cases. Avoid taking immediate action on requests directing any financial transactions through fake profiles and share the same with senior company officials.
Cyber Crime Helpline Number: If you or your company becomes a victim of such a crime, contact 1930 immediately.