C-suite executives warned of 'Boss Scam' in SEBI alert

The advisory follows an alert from the Indian Cyber Crime Coordination Centre

Source

Quick Revision

Prelims-testable facts

01SEBI has warned companies about a rising 'Boss Scam' in which fraudsters pose as senior executives to seek fund transfers.
02The advisory highlights malware and hijacked WhatsApp accounts as fresh risks for finance teams.
03The 'Boss Scam' involves impersonation of CEOs and other senior executives of companies to trick employees into transferring funds.
04SEBI has cautioned listed companies and regulated entities about an emerging cyber fraud known as the 'Boss Scam'.
05The scam targets C-suite officials, including CEOs and MDs, by posing as them through fake emails or messages.
06SEBI urges caution against fraudulent fund transfer requests, which can be made using malware or hijacked WhatsApp accounts.

Trap alerts

Most people think the 'Boss Scam' is a new type of cyber attack, but actually it's an existing and evolving threat that has been around for some time.
Most people think SEBI only issues warnings to individual investors, but actually they also issue warnings to companies and regulated entities about potential scams.

Mains Practice Question

Critically examine the implications of cybercrime targeting C-suite officials, and discuss measures to mitigate such threats.

250 words

Prelims Practice MCQs

Single facteasy

The 'Boss Scam' was flagged by which regulatory body with an advisory?

The Securities and Exchange Board of India (SEBI) issued an advisory on the 'Boss Scam', a cybercrime targeting C-suite officials.

Single factmedium

Which entity issued an alert about the 'Boss Scam'?

The Indian Cyber Crime Coordination Centre (I4C) issued an alert about the 'Boss Scam', a cybercrime targeting C-suite officials.

Single facthard

What type of officials are targeted by the 'Boss Scam'?