I4C cautions corporates and finance professionals against ‘Boss Scam’

Why in News?

The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) has warned corporates and finance professionals about the growing threat of ‘Boss Scam’ or CEO impersonation fraud.

The warning follows a rise in complaints on the National Cyber Crime Reporting Portal (NCRP) involving the takeover of WhatsApp accounts through malicious files disguised as financial statements and regulatory communications.  According to I4C, similar incidents have been reported from multiple States, including Delhi, Gujarat, Maharashtra and Rajasthan.

In these scams, victims typically receive a compressed .zip file through WhatsApp, SMS or email. The files may be named:

• “Statement of Account.zip”
• “0714 Statement of Account.zip”
• “RBI.zip”
• “MCA.zip”

The accompanying message is designed to appear as either a routine financial document or an urgent regulatory communication purportedly issued by authorities such as the RBI or Ministry of Corporate Affairs (MCA).

How the Malware Works

• The ZIP archive contains a malicious Windows .exe executable along with a .dll file.
• When the victim extracts and opens the file on a Windows computer, a Trojan malware is installed.
• The malware compromises the device and can hijack the victim’s active WhatsApp Web session.
• Attackers can then exploit the compromised account to impersonate the victim and target their professional contacts.

Fraudsters create a sense of urgency by pretending to be:

• Senior corporate executives or CEOs.
• Financial or regulatory authorities.
• The Reserve Bank of India (RBI).
• The Ministry of Corporate Affairs (MCA).
• The Income Tax Department.

Victims are often pressured to open the attachment or comply with the fraudulent communication within a very short deadline.

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