Cyber Criminals Swindle Pune-Based Real Estate Firm of Rs 40 Lakh Using Whale Phishing Scam
Pune City police reports nearly eight 'whale phishing attacks' since July last year, with a real estate company losing Rs 4 crore in a similar scam.
Whale PhishingCyber CrimeReal EstatePuneSpear PhishingReal Estate PuneJul 22, 2024
The probe has been launched into the whale phishing, also referred to as 'spear phishing scam' or 'CEO scam.' In these cases, cyber attackers posing as heads of companies manipulate senior officials into transferring large funds to fraudulent accounts. Pune City and Pimpri Chinchwad police have investigated several cases of whale phishing over the last one year and have also arrested multiple suspects who were part of organized cybercrime rackets.
The staffer at the real estate firm received a message from an unknown phone number with the sender identifying himself as the director of the company. The number also had a profile picture of the director as the display picture on the phone messenger profile. The sender texted the staffer that he was busy and would not be able to talk over the phone. The message instructed the staffer to make large transfers totaling Rs 40.6 lakh over a short period.
Later, when the staffer spoke with the director, he found that the latter had given no such instructions of fund transfer. It became clear that the firm had been swindled for Rs 40 lakh. Police have launched a probe into the cell phone number and the bank account used in the fraud, which is registered at an address in Kushi Nagar in Uttar Pradesh.
Since July last year, the Pune City police have reported nearly eight 'whale phishing attacks.' In one such case registered in November last year, Pune-headquartered global vaccine major Serum Institute of India was cheated of Rs one crore. In the case registered in February, a real estate company lost Rs 4 crore.
Unlike typical phishing scams that target a broader set of possible victims, whale phishing or spear phishing are focused on specific individuals, often top officials of the company who handle finances. This type of fraud became prevalent in the United States during the late 2010s. In addition to directly targeting high-profile individuals, there have been recorded cases in which perpetrators may manipulate employees to disclose sensitive information. This poses a greater risk than mere financial loss, as the divulgence of critical information could have far-reaching consequences in company operations, according to officials.
Frequently Asked Questions
What is whale phishing?
Whale phishing is a type of cyber attack where hackers target high-profile individuals, often top officials of a company, to manipulate them into transferring large funds to fraudulent accounts.
How did the cyber criminals trick the real estate firm?
The cyber criminals posed as the company's director and tricked a staffer into making large transfers to a fraudulent bank account using a fake phone number and profile picture.
How much money was lost in the scam?
The real estate firm lost Rs 40 lakh in the scam.
How many whale phishing attacks have been reported in Pune since July last year?
Pune City police have reported nearly eight 'whale phishing attacks' since July last year.
What is the risk associated with whale phishing?
The risk associated with whale phishing is not only financial loss but also the divulgence of critical information, which could have far-reaching consequences in company operations.
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