fake CEO profiles: Cyber scam: Fake CEO profiles dupe companies of Rs 7 crore

Cyber criminals have adopted a new tactic to defraud companies by posing as high-ranking officials like managing directors or CEOs to trick employees into transferring money in their accounts, the Delhi Police’s Intelligence Fusion and Strategic Operations said.

The fraudsters have siphoned off more than Rs 7 crore in three reported cases over the last two weeks, Deputy Commissioner of Police (IFSO) Hemant Tiwari said in a statement.

Sharing details about the modus operandi, Tiwari said the scammers create a fake WhatsApp account using the profile picture of company heads, often sourced from social media or company websites.

They then contact accountants or financial officers and request urgent fund transfers under the guise of critical meetings or high-priority projects. Fake details of beneficiary accounts are provided, along with pressure tactics to rush the transaction, read the statement.

Sharing details of the three incidents, police said in the first instance, a company’s accounts manager received a WhatsApp message from a scammer impersonating the managing director. Using the company logo as the display picture, the fraudster cited urgency for a Rs 1.15 crore advance payment for a “new project”. The manager, misled by the scammer’s convincing narrative, transferred the amount, the officer said.

In the second incident, a chief financial officer was duped of Rs 4.96 crore in two separate transactions. The fraudster, impersonating the MD, provided detailed account information and referenced the company’s financial position. The urgency of government-related contracts was cited to manipulate the CFO into compliance.

In the last incident, impersonating the brother of a company director, the fraudster approached an accountant of a private firm. Using similar tactics, he sought two payments of Rs 90 lakh, claiming it was required for “urgent official work”. Meanwhile, authorities have urged companies to adopt stringent protocols to prevent such incidents.

Police said that all such requests must be verified physically and the employees receiving such messages should cross-check the details with other senior officials.

The companies should also educate employees to recognise impersonation attempts and report suspicious communication while multi-level approval systems for high-value transactions must be put in place, it said.