SEBI Warns Firms About ‘Boss Scam’ Cyber Fraud

India’s Securities and Exchange Board of India (SEBI) has issued a warning about a growing cyber fraud known as the “boss scam,” in which criminals impersonate CEOs and other senior executives to trick employees into transferring company funds. The alert follows reports from the Indian Cyber Crime Coordination Centre about an increase in such incidents.

According to SEBI, fraudsters use platforms such as email, WhatsApp, Microsoft Teams, and social media to pose as company leaders and send urgent payment requests to finance teams. In some cases, attackers also distribute malware that can hijack WhatsApp Web sessions or compromise employees’ devices, allowing them to issue fake payment instructions.

The regulator has advised all regulated entities to verify payment requests through official channels and avoid transferring funds solely based on instructions received through messaging or social media platforms. SEBI urged organizations to strengthen cybersecurity awareness and internal verification procedures to prevent financial fraud.