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.
Related News Articles
Pune: Dreams Per Square Feet Unveils April–June 2025 Edition, Highlighting India's Real Estate Boom
This issue of Dreams Per Square Feet offers a comprehensive look at India's rapidly evolving real estate market, with expert insights, industry trends, and research-based analysis.
Kajol Invests Rs. 29 Crores in Commercial Property in Goregaon: Here’s What You Need to Know
Bollywood actress Kajol has once again grabbed the spotlight with her significant real estate investment, purchasing a commercial property in Mumbai’s Goregaon West for a staggering Rs. 29 crores. This move highlights the growing trend of celebrities inve
Birla Estates Launches Exciting T20 2025 Campaign with RCB Icons
Birla Estates, a leading real estate developer, has unveiled an engaging T20 2025 campaign featuring iconic players from the Royal Challengers Bangalore (RCB). The campaign aims to connect with cricket enthusiasts and potential homebuyers through a series of digital video assets.
Pre-Budget Hopes and Expectations for the Real Estate Sector in Pune
As the budget approaches, the real estate sector in Pune is brimming with hopes and expectations. Discover what industry experts and stakeholders are looking forward to in the upcoming budget.
Rise Infraventures Targets Rs 4000 Crore GTV in FY24-25, Expands with 5 New Offices
Rise Infraventures, a prominent real estate developer, is gearing up to achieve a Gross Transaction Value (GTV) of Rs 4000 crore in the fiscal year 2024-25. This ambitious target comes on the heels of a remarkable 110% growth in the previous fiscal year,
Extortion Calls on the Rise: Delhi Businessman Receives Threat from Notorious Gangster Goldy Brar
A real estate businessman from Vasant Vihar has been threatened with an extortion demand in the name of gangster Goldy Brar, a wanted criminal by the National Investigation Agency (NIA) and various states of the country.