India's SEBI warns firms of AI‑driven 'Boss Scam' impersonation fraud

The Securities and Exchange Board of India (SEBI) issued a public warning about an emerging cyber fraud dubbed the “Boss Scam,” in which fraudsters use AI‑generated deepfake video calls, voice cloning and malware to impersonate CEOs or managing directors. The scammers contact finance officers through email, WhatsApp, Microsoft Teams or other messaging platforms and instruct them to transfer funds to mule accounts. In some cases, malicious ZIP files are sent to hijack WhatsApp Web sessions or compromise devices, allowing attackers to send payment instructions from the victim’s own account.

SEBI advised listed companies and regulated entities to verify any financial instructions received via digital channels directly with the alleged senior executive, avoid acting on messages alone, and refrain from installing unverified executables. Firms were urged to report incidents promptly through the national cyber‑crime helpline (1930) or the cyber‑crime reporting portal. The warning follows alerts from the Indian Cyber Crime Coordination Centre about a rise in such impersonation attempts.