SEBI Warns Companies Against ‘Boss Scam’ Targeting Senior Executives

The Securities and Exchange Board of India (SEBI) has cautioned listed companies and regulated entities about a cyber-fraud known as the “Boss Scam”, in which fraudsters impersonate Chief Executive Officers (CEOs), Managing Directors (MDs) and other senior officials to initiate unauthorised fund transfers.

Based on inputs from the Indian Cyber Crime Coordination Centre (I4C), SEBI said cybercriminals use email, WhatsApp, Microsoft Teams and other digital platforms to send payment instructions to finance personnel. The regulator also warned that attackers are using artificial intelligence (AI), deepfake technology and malware to make fraudulent communications appear genuine. SEBI advised organisations to independently verify payment requests received through digital channels by directly contacting the concerned executive before processing transactions. It also asked employees not to open executable files from unverified sources and to log out of unused WhatsApp Web sessions.

The regulator urged companies to report suspected cyber fraud immediately through the national cybercrime helpline 1930 or the government’s cybercrime reporting portal.