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SEBI warns companies against Boss Scam cyber fraud impersonating top executives

Mid-Day • July 18, 2026

According to SEBI, fraudsters pose as senior executives and send urgent messages or make calls instructing finance or accounts personnel to transfer money to specified bank accounts

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Capital markets regulator Securities and Exchange Board of India (SEBI) on Friday cautioned listed companies and regulated entities against an emerging cyber fraud known as the "Boss Scam", in which cybercriminals impersonate chief executive officers (CEOs), managing directors (MDs) or other senior officials to trick employees into transferring funds.

The advisory comes after the Indian Cyber Crime Coordination Centre (I4C) flagged a rise in CEO and MD impersonation frauds targeting organisations through email, WhatsApp, Microsoft Teams and other social media platforms.

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This article is one source in a clustered incident — the cluster page carries the summary, timeline and every other outlet covering it.

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to transfer money to mule accounts under the guise of urgent requests, sometimes claiming confidentiality due to Unpublished Price Sensitive Information (UPSI).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

SEBI warns companies against Boss Scam cyber fraud impersonating top executives

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