New Cyber Fraud Uses WhatsApp Web to Impersonate CEOs and Steal Money Through Fake Payment Instructions

A new Boss Scam cyber fraud is targeting businesses across India, with scammers impersonating CEOs and top officials to deceive employees into transferring company funds. Authorities have cautioned businesses to remain cautious as scammers utilize malware, WhatsApp, email, and other communication tools to make their requests appear legitimate.

The fraud usually begins with a message that looks to be from a trustworthy source. Employees may get a ZIP file that resembles a bank statement or a critical document from a government agency. Files may have titles like "Statement of Account.zip," "RBI.zip," or "MCA.zip."

However, these files can contain malware. When an employee opens the file on a computer, harmful malware can gain control of the device. Attackers may also employ a technique known as DLL Sideloading to assist malware bypass security tests.

WhatsApp Web Can Become a Target

One main concern is that the malware can access an active WhatsApp Web session. Once in control, hackers can send messages and infected files to the victim's contacts and work groups.

This makes the scam more difficult to detect because the communication could be from someone the employee already knows. The attacker may instruct the recipient to examine the file on a computer or forward it to a finance manager for review. This can start a chain reaction in which one infected account allows attackers to target more employees.

How Criminals Impersonate the Boss

After gaining access to an executive's account, scammers may impersonate a CEO, CFO, or other senior official. They then contact employees in finance or accounting and request an urgent money transfer.  Because the request seems to be from a senior corporate official, an employee may feel compelled to act immediately without first verifying whether the instruction is real.

Authorities said criminals are not limited to WhatsApp. They may even imitate company executives via email, Microsoft Teams, and social media. Reports of this form of cyber fraud have surfaced in numerous states, including Delhi, Gujarat, Maharashtra, and Rajasthan. Complaints to India's National Cyber Crime Reporting Portal have also increased.

How Companies Can Stay Safe

Trust is the most critical aspect of a Boss Scam. A communication from a known account can appear genuine even if it is managed by a criminal. Companies should consequently apply strict verification processes when approving financial transfers. Employees should independently validate unexpected payment demands with the person concerned, preferably using a different communication mechanism.

Authorities have also cautioned enterprises not to allow money transfers based solely on instructions obtained via messaging applications or social media. Businesses can limit the risk of CEO impersonation fraud and corporate cybercrime by taking precautions with unusual files, double-checking payment requests, and following established company approval procedures.

This article is based on information from India Today