{"id":9023,"date":"2026-08-12T22:26:54","date_gmt":"2026-08-12T16:56:54","guid":{"rendered":"https:\/\/womenly.in\/index.php\/2026\/08\/12\/amid-rising-cases-of-extortion-banks-advise-caution-against-boss-scam\/"},"modified":"2026-08-12T22:26:54","modified_gmt":"2026-08-12T16:56:54","slug":"amid-rising-cases-of-extortion-banks-advise-caution-against-boss-scam","status":"publish","type":"post","link":"https:\/\/womenly.in\/index.php\/2026\/08\/12\/amid-rising-cases-of-extortion-banks-advise-caution-against-boss-scam\/","title":{"rendered":"Amid rising cases of extortion, Banks advise caution against \u2018Boss Scam\u2019"},"content":{"rendered":"
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Bengaluru, August 12: <\/b>Though this scam is not new, rising cases have forced banks to re-educate customers about the \u2018boss scam\u2019 where fraudsters impersonate senior company leaders or trusted colleagues to make unauthorised payments or share sensitive information.\u00a0<\/span><\/p>\n

The scam\u2019s modus operendi<\/strong><\/h5>\n

Fraudsters send emails or messages on social media or messaging platforms, impersonating regulators or senior company executives. The message usually claims that the organiation has violated some regulations, forcing the receiver to act quickly. The fraudster then shares a ZIP file, supposedly containing compliance or security documents that secretly installs malware on the system. This gives fraudsters access to their real social media or messaging apps, hijacking it to the finance or accounts personnel to make high value transfers. In some cases, the criminals save their own numbers under the CEO\u2019s name on the compromised device, making fraudulent instructions appear completely legitimate.\u00a0<\/span><\/p>\n

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\u201cThe fraudsters are using Boss Scam incidents to defraud organisations where the employees from the accounts department (authorised signatories) are induced to make payment on pretext of fake instructions received from the senior executive of the organisation. Awareness is the strongest defence against such frauds. These scams combine social engineering, malware and impersonation techniques to trick employees into making unauthorised fund transfers. Organisations should ensure strict controls around software installation, employee awareness programmes, and verification of payment requests before processing transactions. Authorised signatories must be advised against making any payments merely based on text \/ email without ensuring authenticity of such messages.\u201d<\/span>Mr. Manish Agrawal, Senior Executive Vice President \u2013 Credit Intelligence and Control \u2013 HDFC Bank, explains.<\/span><\/p>\n<\/blockquote>\n

\u00a0<\/span>Tips to protect yourself from Boss Scam<\/b>\u00a0<\/span><\/h5>\n