Impersonation scams targeting companies on the rise

The Telangana Cyber Security Bureau (TGCSB) has issued a warning to businesses about an increase in impersonation scams. Cyber criminals are pretending to be senior executives to trick finance staff into transferring large amounts of money. These scams often occur through WhatsApp, email, and SMS. Fraudsters use fake messages that look like they come from CEOs or chairpersons. In a recent case, an accounts officer received a WhatsApp message appearing to be from the company's CMD. The scammer instructed the officer to change the contact number and then asked for a quick fund transfer for a supposed urgent project. The officer, believing the request was real, transferred a significant amount, only to later discover it was a scam. Officials have noted that these fraudsters are skilled at mimicking the language and style of genuine corporate communication. They use digital platforms to avoid traditional security measures and directly target finance departments. In response to these threats, the TGCSB has advised companies to strengthen their internal controls. They recommend verifying financial requests by contacting the sender directly before completing transactions. Additionally, businesses should implement multi-level approval processes and regularly train employees in finance and related departments to recognize potential scams.