The Devastating Impact of Whale Phishing on Businesses: A Rs 40 Lakh Scam
A city-based real estate company was swindled of Rs 40 lakh by cyber criminals posing as the company’s director, highlighting the growing threat of whale phishing attacks.
Whale PhishingCybercrimePhishing AttacksReal EstatePune City PoliceReal Estate PuneJul 22, 2024
The modus operandi of these cybercriminals is to send messages to company officials, impersonating the director or CEO, and instructing them to make large fund transfers to fraudulent bank accounts. In this particular case, a staffer at the real estate firm received a message from an unknown phone number, which had the director's profile picture as the display picture. The sender claimed to be the director and instructed the staffer to make large transfers totaling Rs 40.6 lakh over a short period.
It wasn't until the staffer spoke with the actual director that the truth came to light - the director had given no such instructions, and the company had been swindled of Rs 40 lakh. The police have launched an investigation into the cell phone number and the bank account used in the fraud, which is registered at an address in Kushi Nagar, Uttar Pradesh.
Whale phishing, also known as spear phishing or CEO scam, is a highly targeted form of phishing attack that focuses on specific individuals, often top officials of a company who handle finances. 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 directly targeting high-profile individuals, there have been recorded cases in which perpetrators may manipulate employees to disclose sensitive information. This poses a greater risk than mere financial loss, as the divulgence of critical information could have far-reaching consequences in company operations.
The Pune City police have reported several cases of whale phishing over the last year, including one in which Serum Institute of India was cheated of Rs one crore, and another in which a real estate company lost Rs 4 crore. These incidents highlight the growing threat of cybercrimes and the need for companies to be vigilant and take necessary precautions to prevent such attacks.
Information Pune City police have been at the forefront of combating cybercrimes and have arrested multiple suspects who were part of organized cybercrime rackets.
Serum Institute of India is a Pune-headquartered global vaccine major.
Frequently Asked Questions
What is whale phishing?
Whale phishing, also known as spear phishing or CEO scam, is a highly targeted form of phishing attack that focuses on specific individuals, often top officials of a company who handle finances.
How do cybercriminals carry out whale phishing attacks?
Cybercriminals send messages to company officials, impersonating the director or CEO, and instructing them to make large fund transfers to fraudulent bank accounts.
What is the impact of whale phishing attacks on businesses?
Whale phishing attacks can result in significant financial losses and the divulgence of critical information, which can have far-reaching consequences in company operations.
How can businesses prevent whale phishing attacks?
Businesses can prevent whale phishing attacks by being vigilant, verifying the authenticity of messages and instructions, and implementing robust security measures to protect their financial systems.
What is the role of the Pune City police in combating cybercrimes?
The Pune City police have been at the forefront of combating cybercrimes and have arrested multiple suspects who were part of organized cybercrime rackets.
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