Pune Real Estate Firm Falls Victim to Rs 24 Lakh Whale Phishing Attack
A Pune-based real estate company lost Rs 24 lakh in a whale phishing attack, where cyber criminals impersonated the director’s father to trick the accounts department into making fraudulent transfers.
Whale PhishingCyber FraudReal EstatePuneFraud PreventionReal Estate PuneNov 27, 2024
An FIR was registered at the Shivajinagar police station on Tuesday night by the 28-year-old director of the firm. The attack targeted an employee from the accounts department who has access to the company's online banking for daily transactions.
On November 16, the accounts department staffer, who was on leave, received a WhatsApp message from an unknown number. The sender claimed to be the director's father and stated that he was in a meeting and could not talk on the phone. He requested a transfer of Rs 49.5 lakh for the purchase of materials. The employee informed the sender that there was only Rs 24 lakh available in the account, and the scammer then instructed her to transfer the entire amount.
Due to her leave, the staffer asked a colleague to make the transfers to the two account numbers provided by the sender. It later emerged that the request was fraudulent, and the company was duped into sending money to criminal accounts. The director promptly reported the incident to the Pune cyber crime police station, leading to the registration of an FIR.
Whale phishing, also known as spear phishing, is a highly targeted form of cyber attack. Unlike typical phishing scams that aim at a broader audience, whale phishing focuses on specific individuals, particularly those in senior positions who have access to company finances. This type of fraud has been on the rise, especially in the United States since the late 2010s.
Since July last year, the Pune city and Pimpri Chinchwad police have registered around a dozen cases of whale phishing attacks. Notable among these was the case of the Serum Institute of India, which lost Rs 1 crore, and another real estate company that was swindled of Rs 4 crores.
Investigators suggest that cyber criminals often gather information about potential targets through publicly available sources and social media platforms. They use this information to craft convincing messages that exploit trust and authority to manipulate employees into divulging sensitive information or making unauthorized financial transactions.
To protect themselves from such attacks, companies should implement stringent security measures and conduct regular training sessions to raise awareness among employees. It is crucial to verify any unusual financial requests, especially those received via digital channels, by confirming them through a second method of communication.
Frequently Asked Questions
What is whale phishing?
Whale phishing, also known as spear phishing, is a highly targeted form of cyber attack where criminals impersonate trusted individuals, such as company executives, to manipulate employees into making unauthorized financial transactions or disclosing sensitive information.
How much money did the real estate firm in Pune lose?
The real estate firm in Pune lost Rs 24 lakh in the whale phishing attack.
What steps should companies take to prevent whale phishing attacks?
Companies should implement stringent security measures, conduct regular training sessions to raise awareness among employees, and verify any unusual financial requests through a second method of communication.
How do cyber criminals obtain information for whale phishing attacks?
Cyber criminals often gather information about potential targets through publicly available sources and social media platforms to craft convincing messages that exploit trust and authority.
What is the most significant case of whale phishing in Pune?
One of the most significant cases of whale phishing in Pune involved the Serum Institute of India, which was swindled of Rs 1 crore.
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