The Telangana Cyber Security Bureau (TGCSB) has issued a public advisory warning corporate offices and IT companies across the state about a rising trend in cyber fraud involving impersonation scams targeting accounts and finance personnel.
TGCSB Director Shikha Goel said cybercriminals are impersonating senior executives such as company CMDs and CEO using WhatsApp, email, and SMS to deceive employees, particularly accounts officers, into transferring large sums of money urgently.
In one recent case, a company’s accounts officer received a WhatsApp message from an unknown number, featuring the CMD’s profile picture. The message claimed to be from the CMD and asked the officer to save a new number. Shortly after, the officer received instructions to transfer funds for an urgent project. Believing the request to be genuine, the officer transferred a significant amount, only to realise later that the request was fraudulent, she said.
In other instances, phishing emails have been sent from fake or look-alike addresses, claiming a change in the company’s bank account and requesting rerouting of transactions. These scams often create urgency and are designed to mimic the communication style of the organisation’s leadership. WhatsApp usernames are also being manipulated to display familiar names to increase the chances of success.
The TGCSB voiced concern over targeted attacks on corporate finance teams using sophisticated impersonation, possible compromise or scraping of employee contact details and use of familiar names, photos, and writing styles to manipulate trust.
It has advised companies not to act on financial instructions received only via digital channels without voice confirmation. They have been urged to verify all high-value transactions directly with reporting authorities through official phone calls. The companies have also been advised to sensitise all departments, especially Accounts, Finance, HR, and Admin, about this modus operandi.
Encourage prompt reporting of suspicious communication to 1930 or via www.cybercrime.gov.in. The TGCSB urges all corporate entities to implement robust internal controls, multi-level transaction approvals and verification protocols to prevent financial fraud, the Director said.
