HIGHLIGHTS

A message on March 6 deceived the accountant by impersonating the director.

To lend credibility to the scam, the fraudsters used the actual director’s photograph as their profile picture.

The impersonator claimed to be engaged in a business meeting and urgently required a money transfer.

Imagine this: you receive an urgent message from your boss requesting a significant money transfer to finalize an essential business deal. Your instinct might push you to act quickly, but what if that message was not genuinely from your superior? This scenario played out for an accountant working at a Pune-based engineering and design firm, who inadvertently transferred a staggering ₹1.9 crore to scammers masquerading as the company’s director. Let us delve into how this elaborate con took place.

On March 6, the accountant received a seemingly innocuous message from an individual pretending to be the organization’s director. The ploy was meticulous; the fraudsters utilized the director’s own photograph as their profile picture on a popular messaging application, boosting the authenticity of their ruse.

The impersonator, posing as the director, mentioned he was tied up in a crucial business meeting and needed an urgent fund transfer to facilitate a deal. He further instructed the accountant to refrain from making any calls or sending texts, asserting he was preoccupied with finalizing the negotiation. Acting on trust and urgency, the accountant, who was working remotely, transferred the specified amount to the designated bank account stated in the deceitful message without taking the precaution of verifying the request.

Additionally, if you want to learn about another similar incident, read this: A senior citizen lost over ₹1 crore in a low-interest loan scam: Here’s what happened.

The fraudulent scheme came to light only when the genuine director visited the office and reviewed the company accounts. By that time, the funds had vanished, leaving the accountant in disbelief.

This incident exemplifies a well-known online scam referred to as “Whale Phishing” or “CEO fraud.” In this tactic, fraudsters meticulously study the social media profiles and activities of corporate directors or CEOs, gathering sufficient personal information to impersonate them convincingly. In some cases, these scammers even utilize voice modulation technology to emulate the sound of the individual they are impersonating.

For more insights, you can read about another recent scam: A retired lieutenant general lost ₹94,000 due to a hotel booking scam: Here’s what transpired.

Preventive Measures Against Such Scams

To safeguard yourself from falling prey to such scams, it’s imperative to adopt a cautious approach. If you receive a dubious message, don’t hesitate to reach out to the sender through a phone call or another secure communication method for verification. Additionally, make sure to activate the security features available on messaging apps that can notify you in case someone is attempting to impersonate a contact in your list. It’s crucial to always double-check bank account details before initiating any transfers, regardless of how pressing the request may seem.