Cyber Criminals Target High-Profile Executives: The Rise of Whale Phishing in Real Estate
A city-based real estate company lost Rs 40 lakh to cyber fraudsters posing as the company's director, highlighting the growing threat of whale phishing in the industry.
Whale PhishingReal EstateCyber CrimeSpear PhishingCeo ScamReal EstateJul 22, 2024
In this particular case, the fraudsters posed as the company's director and contacted a staffer via a messaging app, instructing them to transfer Rs 40.6 lakh to a specific bank account. The staffer, unaware of the scam, carried out the instructions, only to realize later that the director had not given any such instructions. The police have launched an investigation into the incident and are tracing the cell phone number and bank account used in the fraud.
Whale phishing, also known as spear phishing or CEO scam, is a highly targeted form of cyber attack where criminals focus on manipulating senior officials into transferring large funds to fraudulent accounts. Unlike typical phishing scams that target a broad range of victims, whale phishing attacks are designed to target specific individuals, often top executives who handle finances.
The Pune City police have reported nearly eight whale phishing attacks since July last year, with several cases involving real estate companies. In one such case, a real estate company lost Rs 4 crore in February. Another prominent case involved the Pune-headquartered global vaccine major Serum Institute of India, which was cheated of Rs one crore in November last year.
The term 'whale phishing' emphasizes the targeting of influential figures, and this type of fraud has been prevalent in the United States since the late 2010s. In addition to financial loss, whale phishing poses a greater risk as it involves the divulgence of sensitive information, which could have far-reaching consequences in company operations.
The real estate industry has become a soft target for cyber criminals, who use sophisticated tactics to deceive employees and steal large sums of money. Companies need to be vigilant and take necessary measures to protect themselves from such attacks.
The Pune City police have been actively investigating cases of whale phishing and have arrested several suspects who were part of organized cybercrime rackets.
Frequently Asked Questions
What is whale phishing?
Whale phishing is a type of cyber attack where criminals pose as high-ranking officials to trick employees into transferring large sums of money to fraudulent accounts.
How does whale phishing work?
Criminals pose as top executives and contact employees via messaging apps or email, instructing them to transfer funds to fraudulent accounts.
What is the impact of whale phishing on companies?
Whale phishing can result in significant financial losses and divulgence of sensitive information, which could have far-reaching consequences in company operations.
How can companies protect themselves from whale phishing?
Companies can protect themselves by educating employees about whale phishing, implementing strong security measures, and verifying instructions from top executives.
How common is whale phishing in the real estate industry?
Whale phishing is a growing threat in the real estate industry, with several cases reported in the past year, resulting in significant financial losses.
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