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How 'Boss Scam' Cyber Fraud Targets Indian Companies

M.Rediff • July 17, 2026

India's markets regulator, Sebi, has issued a critical advisory warning businesses and regulated entities the escalating "Boss Scam" cyber fraud, where sophisticated impersonation tactics are used to illicitly transfer funds.

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Sebi Issues Warning on Rising 'Boss Scam' Targeting Finance Executives The Securities and Exchange Board of India (Sebi) has issued a warning regarding a growing cyber fraud known as the 'Boss Scam', where scammers impersonate CEOs and senior executives to trick finance employees into transferring funds. This warning follows reports from the Indian Cyber Crime Coordination Centre (I4C) about an increase in such incidents. The fraudsters utilize advanced techniques, including AI-driven deepfakes and voice cloning, to create realistic impersonations during communications via email, WhatsApp, and social media. Victims are often instructed to transfer money to mule accounts under the guise of urgent requests, sometimes claiming confidentiality due to Unpublished Price Sensitive Information (UPSI). Additionally, malware-laden files are sent to compromise devices, allowing attackers to hijack WhatsApp Web sessions. Sebi has advised companies to verify all financial requests through direct communication with senior officials and to avoid acting solely on digital instructions. The advisory highlights the need for enhanced internal controls and verification processes to mitigate risks associated with these scams. 10 sources 72

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Boss Scam