Pune Real Estate Firm Falls Victim to Rs 24 Lakh Whale Phishing Scam
A Pune-based real estate firm suffered a significant financial loss of Rs 24 lakh in a sophisticated whale phishing attack. The fraudsters posed as the company director’s father, manipulating an accounts staffer to transfer funds to fraudulent accounts.
Whale PhishingCyber FraudReal EstatePuneFinancial LossReal EstateNov 27, 2024
The fraud came to light when an FIR was registered at the Shivajinagar police station. The 28-year-old director of the firm reported the incident after discovering the fraudulent transfers. According to the officials, the attack targeted an employee from the accounts department, who has been given access to the company's online banking for daily transactions.
On November 16, the accounts department staffer was on leave when she received a WhatsApp message from an unidentified number. The sender claimed to be the father of the company's director and requested a fund transfer of Rs 49.5 lakh for the purchase of materials. The sender mentioned he was in a meeting and could not speak on the phone. The staffer, believing the request to be genuine, informed the sender that only Rs 24 lakh was available in the bank account. The sender then asked her to transfer the available amount.
Since the staffer was on leave, she asked a colleague to make the transfers to two account numbers provided by the sender. It was only later that it was discovered that no such fund transfer request was made by the actual director’s father. The company director promptly reported the incident to the Pune cyber crime police station, leading to the registration of an FIR.
This case is not an isolated one. Since July last year, the Pune city and Pimpri Chinchwad police have registered nearly a dozen cases of whale phishing attacks. One notable incident involved the global vaccine major, Serum Institute of India, which was swindled of Rs 1 crore. Another case from February saw a real estate company losing Rs 4 crores.
Whale phishing, also known as spear phishing, is a highly targeted form of cyber attack. Unlike typical phishing scams that cast a wide net, whale phishing focuses on specific individuals, particularly senior officials who handle finances or have the power to make significant money transfers. The term 'whale phishing' underscores the targeting of influential figures within an organization.
This type of fraud has become more prevalent in recent years, with the United States seeing a significant rise in such attacks during the late 2010s. Perpetrators often gather information about their targets through publicly available sources, including social media platforms, to make their scams appear more credible.
To protect against such attacks, companies are advised to implement robust security measures and conduct regular training sessions for employees to recognize and report suspicious activities. Enhanced verification processes and multi-factor authentication can also add an extra layer of security.
Frequently Asked Questions
What is whale phishing?
Whale phishing, also known as spear phishing, is a highly targeted form of cyber attack that focuses on specific individuals, particularly senior officials who handle finances or have the power to make significant money transfers. The term 'whale phishing' emphasizes the targeting of influential figures within an organization.
How did the real estate firm fall victim to the whale phishing attack?
The cyber criminals posed as the father of the company's director and sent a WhatsApp message to an accounts department staffer, asking her to transfer Rs 24 lakh to fraudulent accounts for the purchase of materials. The staffer, believing the request to be genuine, complied with the instruction.
What measures can companies take to prevent whale phishing attacks?
Companies can implement robust security measures, conduct regular training sessions for employees to recognize and report suspicious activities, and establish enhanced verification processes and multi-factor authentication to add an extra layer of security.
How common are whale phishing attacks in Pune?
Since July last year, the Pune city and Pimpri Chinchwad police have registered nearly a dozen cases of whale phishing attacks, highlighting the growing threat of these targeted cyber attacks in the region.
Who is typically targeted in whale phishing attacks?
Whale phishing attacks typically target influential figures within an organization, such as senior officials who handle finances or have the power to make significant money transfers. These individuals are often chosen because of their high-level access and authority.
Related News Articles
Bengaluru to Lead India's Commercial Real Estate Market with 330-340 mn sq feet Office Stock by 2030
Bengaluru is expected to dominate India's commercial real estate market with 330-340 million square feet of office stock by 2030, driven by demand from tech, BFSI, and life sciences sectors.
IHCL Expands Its Footprint in Maharashtra with Fifth Ginger Hotel in Thane
Indian Hotels Company (IHCL) has signed its fifth Ginger branded hotel in the Mumbai Metropolitan Region of Thane, Maharashtra, offering guests a perfect blend of work and leisure in vibrant, contemporary spaces.
KSH INFRA Pours Rs 450 Crore into Tamil Nadu's Maiden Industrial and Logistics Park
Pune-based KSH INFRA makes a significant investment in Tamil Nadu's first Industrial and Logistics Park, expected to generate employment and attract industrial clients.
EQT Acquires Indostar Home Finance for Rs 1750 Crore, Eyes Expansion in Affordable Housing
Private equity firm EQT acquires 100% stake in Indostar Home Finance for Rs 1,750 crore, eyes expansion in affordable housing segment
Nitin Gadkari Announces Traffic Relief for Pimpri Chinchwad
Union Minister Nitin Gadkari has promised significant traffic relief for the Pimpri Chinchwad region, including the construction of an elevated road on the Talegaon-Chakan route. The project is estimated to cost Rs 70 billion.
BJP's Performance in Maharashtra: JM Financial's Insights on Exit Polls
JM Financial, a leading financial services firm, has released its insights based on exit polls from the recent Maharashtra elections. The analysis, which averages data from nine polling agencies, suggests a potential majority for the incumbent Maha Vikas