Inside the Rise of CEO Impersonation Scams

Cyber criminals are defrauding companies by impersonating high-ranking officials via WhatsApp, as revealed by the Delhi Police. Scammers have siphoned over Rs 7 crore, with three incidents involving urgent fund transfer requests from fake official accounts. Companies are urged to enforce strict verification protocols and educate employees.

Cyber criminals have devised a new strategy to defraud businesses by assuming the identities of top executives, such as CEOs, to deceive employees into transferring funds to fraudulent accounts, according to Delhi Police's Intelligence Fusion and Strategic Operations.

Over the past two weeks, over Rs 7 crore have been stolen across three reported incidents, emphasized Deputy Commissioner of Police (IFSO) Hemant Tiwari in a statement. Tiwari detailed that scammers typically create fake WhatsApp accounts using company heads' profile images sourced from social media or official websites.

Companies are being urged to implement strict protocols to inhibit such frauds. Police recommended that all transaction requests be physically verified and that employees receiving such messages consult with senior officials. Education on recognizing impersonation and establishing multi-level approval systems for significant transactions are advised to combat these scams.

(With inputs from agencies.)