Pune Real Estate Firm Falls Victim to Whale Phishing Attack, Loses Rs 24 Lakh
A Pune-based real estate firm lost a significant amount of Rs 24 lakh in a whale phishing attack, where cyber criminals impersonated the firm’s director’s father to manipulate an accounts staffer into making fraudulent transfers.
Cyber FraudWhale PhishingReal EstatePune PoliceCybersecurityReal Estate NewsNov 27, 2024
According to investigations, the cyber criminals often gather information about their targets through publicly available sources and social media platforms. In this particular case, the attack began on November 16 when the accounts department staffer, who has access to the company’s online banking, 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.
The sender requested a fund transfer of Rs 49.5 lakh for the purchase of materials. The staffer informed the sender that she had access to only Rs 24 lakh in the company’s bank account. The sender then instructed her to transfer the available amount. Since the staffer was on leave, she asked a colleague to execute the transfers to two account numbers provided by the sender.
It was later discovered that no such fund transfer request was made by the director’s father. The fraud came to light, and the company director approached the Pune cyber crime police station. After a preliminary investigation, an FIR was registered at the Shivajinagar police station on Tuesday night by the 28-year-old director of the firm.
Whale phishing attacks, also known as spear phishing, are highly targeted scams that focus on specific individuals, particularly those with significant financial authority within a company. Unlike broader phishing scams, whale phishing attacks involve extensive research and tailored communication to manipulate their targets. This type of fraud has become increasingly prevalent, particularly in the United States during the late 2010s.
Since July last year, the Pune city and Pimpri Chinchwad police have registered nearly a dozen cases of whale phishing attacks. Notable incidents include the swindling of Rs 1 crore from the Serum Institute of India and Rs 4 crores from another real estate company. These cases underscore the need for enhanced cybersecurity measures and employee training to prevent such attacks.
The term ‘whale phishing’ emphasizes the targeting of influential figures who have access to substantial company funds. Cyber criminals often obtain detailed information about their targets to make their communications more convincing. This information can be gathered from publicly available sources, social media, and other online platforms.
In light of these incidents, it is crucial for companies to implement robust security protocols and conduct regular training sessions to educate employees about the signs of phishing attacks. This can significantly reduce the risk of falling victim to such sophisticated scams.
Frequently Asked Questions
What is whale phishing?
Whale phishing, also known as spear phishing, is a highly targeted type of cyber attack where hackers gather detailed information about a specific individual, typically a high-profile figure within a company, to manipulate them or their employees into making fraudulent transactions.
How did the cyber criminals obtain information about the targets?
Cyber criminals often gather information from publicly available sources and social media platforms to target specific individuals. This information helps them to craft convincing messages and gain the trust of their victims.
What can companies do to prevent whale phishing attacks?
Companies can implement robust security protocols, conduct regular training sessions to educate employees about the signs of phishing attacks, and encourage a culture of vigilance and verification before making any financial transactions.
How much money was lost in this whale phishing attack in Pune?
The Pune-based real estate firm lost Rs 24 lakh in the whale phishing attack, where cyber criminals impersonated the company director’s father to trick an accounts staffer into making fraudulent transfers.
What other notable whale phishing attacks have been recorded in Pune?
Notable whale phishing attacks in Pune include the swindling of Rs 1 crore from the Serum Institute of India and Rs 4 crores from another real estate company. These incidents highlight the increasing prevalence of such scams in the region.
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