India's cyber agency warns of 'Boss Scam' targeting CEOs and senior executives

The Indian Cyber Crime Coordination Centre (I4CC) has issued an alert about a sophisticated fraud scheme known as the “Boss Scam” or CEO impersonation fraud. Criminals pose as officials from regulators such as the Reserve Bank of India, contacting senior staff via email or WhatsApp and claiming urgent regulatory breaches that require immediate action.

Victims are sent a zip file that, when opened, installs a Trojan that hijacks the device, gains control of WhatsApp Web sessions and enables the attackers to send fake payment instructions from the impersonated executive’s account. The money is then transferred to mule bank accounts. In some cases the hackers replace the contact list entry with their own number under the CEO’s name to further deceive employees.

The centre advises companies to verify any financial transaction through a phone call or face‑to‑face confirmation, to avoid opening files from unknown sources, and to enforce strict software‑restriction policies. It also notes that regulators never distribute software updates via WhatsApp and recommends regular checks of linked WhatsApp devices and up‑to‑date anti‑malware protection.