I4C Advisory: Financial Professionals and Corporates Under Threat from WhatsApp 'Boss Scam'

The digital transformation of corporate finance and communication has inadvertently opened sophisticated avenues for cybercriminals. Recently, the Indian Cyber Crime Coordination Centre (I4C) circulated a critical advisory highlighting a severe vulnerability termed the "Boss Scam." This fraudulent scheme specifically zeroes in on Chartered Accountants (CAs), Chief Financial Officers (CFOs), and broader corporate entities, leveraging executive impersonation to siphon substantial funds.

Alongside this rising cyber threat, the legal landscape surrounding corporate fraud, asset attachment, and tax reassessments continues to evolve rapidly. Recent judicial pronouncements have clarified the boundaries of arbitration in fraud cases, the extent of property attachment under anti-money laundering laws, and the jurisdictional prerequisites for tax revisions.

Anatomy of the 'Boss Scam' and WhatsApp Hijacking

Cyber attackers are increasingly utilizing instant messaging takeovers, particularly WhatsApp hijacking, to masquerade as top-tier executives or company directors. The modus operandi is highly targeted and relies heavily on social engineering combined with technical exploitation.