Boss Scam: The 'Boss Scam' is a new fraudulent tactic; SEBI issues a warning..

Fraudsters always seem to stay one step ahead of the methods devised by security agencies, the government, and the general public to thwart them. Scammers have now adopted a new tactic to extract money from ordinary people: the "Boss Scam." Market regulator SEBI has issued a warning regarding this, noting that employees are the primary targets of such scams. It is crucial to understand what the "Boss Scam" is, how it operates, and how one can protect oneself from it.

The "Boss Scam" is a serious enough issue that SEBI, India's market regulator, has issued a warning against this form of cyber fraud. SEBI explained that in these scams, fraudsters impersonate CEOs and other senior company executives, calling employees and instructing them to transfer funds. SEBI has termed this tactic the "Boss Scam" and issued the warning after receiving information from the Indian Cyber ​​Crime Coordination Centre about the rising incidence of such crimes.

**How ​​the Boss Scam Works**
SEBI stated that fraudsters are targeting finance officials and other employees via email, WhatsApp, Microsoft Teams, and social media platforms. To execute the fraud, scammers pose as the company's CEO or other senior executives and request money transfers to their own accounts. Employees are often swayed simply by hearing the boss's name, making it easier for scammers to extract money.

**Fraud via Malware Files**
SEBI noted that another frequently used method involves hacking employee data by sending malware files. This malware compromises employee details, allowing scammers to access their data. Once the data is compromised, it becomes easier for scammers to access the employee's WhatsApp and reach out to others. Using the compromised WhatsApp account, the scammers contact other people and solicit money. 
SEBI outlines how to stay safe
In its directive, SEBI has clearly stated that the only way to avoid such fraudsters is to refrain from reacting immediately to any message received via social media. If someone asks you to transfer money through such a channel, it is almost certainly a scam. If you receive a call from someone claiming to be an acquaintance and asking for money, be sure to contact that person directly to verify the request first.

Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.