SEBI warns regulated entities against 'Boss Scam' fraud targeting finance teams
SEBI has issued a warning to regulated entities and listed firms about a new fraud known as the 'Boss Scam'. In this scam, fraudsters impersonate chief executives or senior officials, using communication platforms like email, WhatsApp, or Microsoft Teams. They direct subordinates or counterparts in finance teams to transfer funds to the fraudsters. SEBI's caution aims to prevent financial losses and protect the integrity of financial operations within these entities. The advisory underscores the importance of verifying instructions, especially those involving fund transfers, to avoid falling victim to such sophisticated social engineering attacks.
Key Points
- SEBI has issued a warning about the 'Boss Scam' targeting regulated entities and listed firms.
- Fraudsters impersonate senior officials to trick finance teams into transferring funds.
- Communication platforms like email, WhatsApp, and Microsoft Teams are used in the scam.
- The caution aims to prevent financial losses and maintain the integrity of financial operations.
- Entities are advised to verify all instructions, especially those related to fund transfers.
Exam Facts
- Regulatory body: SEBI (Securities and Exchange Board of India).
- Scam name: 'Boss Scam'.
- Communication platforms used: email, WhatsApp, Microsoft Teams.
Read it. Retain it. Recall it.
Get spaced-repetition flashcards, daily quizzes and offline access — free on Android.