Cyber criminals impersonating senior executives to defraud companies, warns TGCSB

HYDERABAD

The Telangana Cyber Security Bureau (TGCSB) has advised corporate offices and IT firms to be wary about a surge in sophisticated impersonation scams targeting financial personnel.

According to the advisory, cyber criminals are posing as senior executives such as company chairpersons and CEOs, through WhatsApp, email, and SMS, to target accounts officers and deceive them into transferring huge sums of money under the guise of urgent business transactions.

In a recent case, an accounts officer received a WhatsApp message from an unknown number that displayed the company’s CMD’s profile picture. The sender claimed to be the executive and requested the officer to save a new contact number. Shortly after, the scammer instructed the officer to make an urgent fund transfer for a critical project. Trusting the authenticity of the request, the officer transferred a substantial amount, only to later realise it was a fraud.

In other instances, phishing emails have been sent from fake or look-alike addresses, claiming change in the company’s bank account and requesting re-routing of transactions.

Officials highlighted that fraudsters skilfully mimic the language, visual cues and communication style of genuine corporate messages. By exploiting digital platforms and manipulating contact details, the perpetrators are able to bypass traditional security measures and target the accounts department directly.

The TGCSB has asked companies to reinforce internal controls and adopt stringent verification protocols. It is advised that any financial instructions received through digital channels should be confirmed by direct voice contact with the purported sender before proceeding with any transactions. The bureau further recommended that organisations implement multi-level approval processes and undertake regular sensitisation of employees in departments such as finance, accounts, HR, and administration.