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[ Wed, Dec 04th 2024 ]: Bill Williamson
Fake CEOs swindle Rs 7 crore from Delhi firms: Modus operandi explained
[ Wed, Dec 04th 2024 ]: Bill Williamson
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Fake CEOs swindle Rs 7 crore from Delhi firms: Modus operandi explained

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CEO frauds or BEC scams have become a global threat, with fraudsters impersonating executives to steal billions
The article from Business Standard details a scam where fraudsters impersonated CEOs of various companies to swindle approximately Rs 7 crore from firms in Delhi. The modus operandi involved the scammers sending emails or making calls, posing as the CEO or other high-ranking officials, and requesting urgent financial transactions. They often used compromised email accounts or created similar-looking email addresses to deceive employees. The fraudsters would ask for funds to be transferred to specified accounts under the guise of urgent business needs or personal emergencies. The scam came to light when discrepancies in financial transactions were noticed, leading to investigations that revealed the fraudulent activities. The police have registered cases and are working to trace the culprits, highlighting the need for stringent verification processes within companies to prevent such cybercrimes.

Read the Full Business Standard Article at:
[ https://www.business-standard.com/finance/personal-finance/fake-ceos-swindle-rs-7-crore-from-delhi-firms-modus-operandi-explained-124120400763_1.html ]