Sebi Warns of AI-Powered 'Boss Scam' Targeting Firms

The Securities and Exchange Board of India (Sebi) has alerted regulated entities and listed companies about a growing cyber threat known as the 'Boss Scam.' This scam involves fraudsters impersonating top executives, such as CEOs or MDs, to illicitly obtain company funds. Utilizing sophisticated techniques like AI-generated video calls and deepfake voice cloning, perpetrators send urgent payment instructions through various digital platforms. They often leverage tactics to discourage verification, citing confidentiality or sensitive information. Some attacks involve malicious files that compromise systems and hijack communication tools. Sebi advises companies to implement stringent verification processes for all financial directives received digitally, including direct confirmation with the relevant official. Companies should also refrain from installing unverified files and report any encountered incidents via national cybercrime channels.