India's market regulator warns of "Boss Scam" targeting top executives

India's market regulator has alerted businesses to a growing cyber fraud scheme known as the "Boss Scam," which specifically targets high-ranking executives. This sophisticated operation involves criminals impersonating senior company officials to trick employees into making unauthorized financial transfers.

The advisory was issued after the Indian Cyber Crime Coordination Centre (I4C) reported a significant rise in these types of fraudulent activities. The scam's effectiveness lies in its ability to exploit hierarchical structures within organizations, leveraging the authority of top management.

Companies are urged to implement stringent verification protocols for all financial transactions, especially those involving urgent or unusual requests. The regulator emphasizes the need for enhanced cybersecurity measures and employee awareness training to combat this evolving threat.