Former PM I.K. Gujral’s son was duped of Rs 7.8 crore, know what is this dangerous cyber trap Former PM IK Gujral’s son was duped of Rs 7.8 crore. What is this dangerous cyber trap?

A new and extremely vicious form of cyber crimes has emerged, which in technical language is being called ‘Boss Scam’ or ‘Whaling Attack’. Recently, the company of famous industrialist Naresh Gujral, son of former Prime Minister Inder Kumar Gujral, has become the victim of this big fraud, in which the company had to suffer a huge loss of Rs 7.8 crore. This incident is a big warning to the corporate world that in the digital age, you can be cheated by using your identity.

What is ‘Boss Scam’? How does this trap work?

The ‘Boss Scam’ is basically an advanced form of ‘Business Email Compromise’ (BEC). In this, fraudsters use the digital identity (such as photo, name and position) of the company owner, CEO or any senior officer. They contact employees through WhatsApp, email or messaging apps and instruct them to transfer money citing ‘instant payment’ or ‘confidential deal’. The employees consider it as an order from their boss and transfer the amount without any verification, and this is where the game of fraud begins.

How did the fraud happen in Naresh Gujral’s company?

In the case of Naresh Gujral, cyber criminals very cleverly created a fake account by placing his photo on a messaging app. He sent messages to Chief Financial Officer (CFO) Naresh Gujral, claiming himself to be the owner of the company. Citing the immediate needs of the business, the CFO was completely caught off guard. He transferred Rs 7.8 crore to different accounts through RTGS without any additional investigation. Later, when the matter was investigated internally, it was revealed that the message was not from the company boss but from the thugs.

Why is it called ‘whaling attack’ in the language of cyber security?

Cyber ​​security experts call this type of fraud ‘whaling attack’. When a criminal takes advantage of the digital identity of a big industrialist, top executive, politician or a very influential person by weaponizing it, it is called a whaling attack. In this, criminals not only target small targets but also target big investments or huge amounts of money.

Keep these things in mind for safety:

• Please verify: If any message regarding money transaction comes from the boss, then confirm it once by phone or meeting before making the payment.

• Check Account: Carefully look at the profile and history of the number of the person sending the message.

• Avoid haste: Scams often use words like ‘urgent’, ‘confidential’ and ‘pay now’ to put pressure on you.

• Follow the policy: Never make payments outside the company’s prescribed protocols for financial transactions.