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What is a ‘boss scam’? 5 ways to protect yourself from CEO fraud
Mint 1 hr ago·19 Oct 2026, 3:26 am
A 'boss scam,' also known as CEO fraud, is a type of cybercrime where scammers impersonate a company's senior executive to trick employees into making fraudulent payments. In a recent case, a Chennai firm lost ₹1.90 crore after a WhatsApp message posed as its managing director. The fraudster was arrested in Delhi, highlighting how sophisticated these attacks can be.
For investors, this news is a reminder that corporate security is just as important as financial performance. A company's reputation can be damaged if it fails to protect employee data or if employees fall victim to scams. Investors should look for companies that prioritize cybersecurity and have clear protocols to prevent such incidents.
To protect yourself, always verify payment requests through a secondary channel, such as a phone call or an in-person meeting. Never share sensitive information like OTPs or passwords. If you suspect a scam, report it immediately to the cyber fraud helpline at 1930. Staying vigilant is key to avoiding these costly mistakes.
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