Beware of Whale Phishing Attacks: How a Pune Realty Firm Lost Rs 49 Lakh
A prominent realty firm in Pune fell prey to a 'whale phishing' attack, losing Rs 49 lakh after fraudulent callers posed as the CEO and manipulated the CFO into making large transfers to fraudulent accounts.
Whale PhishingReal EstatePuneCybercrimeFraudReal EstateJul 31, 2024
The incident came to light when the CFO received a missed call from an unidentified number, followed by a message asking him to transfer Rs 49.6 lakh to a particular bank account. The caller ID application showed the name of the firm's CEO, making it seem like a legitimate instruction from the top boss. Later, a call was received on the landline number of the firm's reception from a man posing as the CEO, asking the receptionist to direct the CFO to check his messages.
Thinking that the instructions had come from the CEO himself, the CFO made arrangements to deposit Rs 49.6 lakh to the account mentioned in the message. However, when the CFO received another message directing him to transfer Rs 48.6 lakh to another account, he got suspicious and checked with the CEO himself. It was then that he realized he had been duped.
The firm subsequently approached the cyber crime police station and registered a complaint. The investigation revealed that the fraudulent account to which the transfer of Rs 49.6 lakh was made is from Gorakhpur, Uttar Pradesh.
This is not an isolated incident. Since July last year, the Pune city police have reported around eight 'whale phishing attacks', including four targeting real estate firms. In one such case, Pune-headquartered global vaccine major Serum Institute of India was cheated of Rs 1 crore. Another real estate company lost Rs 4 crores in a similar attack.
Whale phishing, also known as spear phishing, is a highly targeted form of phishing attack that focuses on specific individuals, often top officials of a company who handle finances. This type of fraud became prevalent in the United States during the late 2010s and has since spread to other parts of the world. It poses a greater risk than mere financial loss, as the divulgence of critical information could have far-reaching consequences on company operations.
Companies, especially those in the real estate sector, need to be vigilant and take necessary precautions to prevent such attacks. Verification of instructions and robust internal controls can go a long way in preventing financial losses due to whale phishing attacks.
Information
Pune is a hub for real estate companies, and the sector has seen significant growth in recent years. However, this growth has also made it a target for fraudsters, who are using innovative tactics to cheat unsuspecting companies.
The Pune city police have been cracking down on cybercrime, and their efforts have led to the registration of several FIRs in connection with whale phishing attacks. The police are also working to create awareness among companies about the risks of such attacks and the necessary precautions that need to be taken.
Frequently Asked Questions
What is whale phishing?
Whale phishing, also known as spear phishing, is a highly targeted form of phishing attack that focuses on specific individuals, often top officials of a company who handle finances.
How does whale phishing work?
Fraudsters use tactics like fake caller ID and posing as top officials to manipulate employees into making large transfers to fraudulent accounts.
How many whale phishing attacks have been reported in Pune?
Since July last year, the Pune city police have reported around eight 'whale phishing attacks', including four targeting real estate firms.
What is the risk of whale phishing?
Whale phishing poses a greater risk than mere financial loss, as the divulgence of critical information could have far-reaching consequences on company operations.
How can companies prevent whale phishing attacks?
Verification of instructions and robust internal controls can go a long way in preventing financial losses due to whale phishing attacks.
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