By Ashwani Mishra, Editor-Technology, 63SATS
In a world where trust is currency, cybercriminals are using WhatsApp as their latest weapon to infiltrate top firms and execute high-stakes fraud.
Like a modern-day Catch Me If You Can, these digital con artists are exploiting corporate hierarchies, urgency, and familiarity to siphon off crores—all with just a well-crafted message.
How Executives Are Being Duped on WhatsApp
Two senior executives from leading corporations recently fell victim to a WhatsApp-based impersonation scam, losing a combined ₹9.36 crore within days.
Incident #1: An accounts manager received a WhatsApp message from someone impersonating the company’s managing director (MD). Using the company’s official logo as a profile picture, the fraudster requested ₹1.15 crore for an urgent business project. Believing it to be a legitimate request, the manager wired the money—without verification.
Incident #2: A chief financial officer (CFO) of another firm was tricked into transferring ₹4.96 crore across two transactions. The scammer, posing as the MD, claimed the funds were for a critical government-related contract and even provided official-looking bank details to appear legitimate.
The frauds were uncovered too late, and by the time the real executives were contacted, the money had vanished.
But these weren’t isolated cases. More firms fell victim to similar cyber cons, proving that WhatsApp is fast becoming a haven for cybercriminals preying on corporate vulnerabilities.
A High-Stakes WhatsApp Scam: ₹4.4 Crore Gone
On January 7, a senior official of a renowned engineering and manufacturing firm received a WhatsApp message from an unknown number, but with the executive director’s profile picture.
The scammer, posing as the director, claimed to be on a business trip between New Delhi and Ahmedabad and using a new number due to “poor internet connectivity.”
The First Strike – The scammer requested ₹2.6 crore, citing an urgent business deal that required an advance. The unsuspecting official wired the money.
The Follow-Up Requests – Over the next few days, two additional payments totaling ₹1.8 crore were made to different bank accounts.
The Final Blow – When the official later contacted the real executive director for payment confirmation, the shocking truth was revealed—no such requests were ever made.
In total, the company lost ₹4.4 crore before realizing it had been scammed. The fraudster had disappeared, leaving behind a costly lesson in cybersecurity oversight.
While top executives are being targeted, mid-level employees aren’t safe either.
Incident #3: A private firm’s accountant was approached via WhatsApp by someone posing as the company director’s brother. The scammer requested ₹90 lakh for an urgent project, and without second-guessing, the payments were made.
Had it not been for a last-minute cross-check, the fraud could have easily gone unnoticed.
These scams prove one thing: Cybercriminals don’t need hacking skills—they just need to manipulate human trust.
Why WhatsApp Is Used as a Cybercrime Platform
- Fake Profiles Are Easy to Create – Cybercriminals can steal profile pictures and use official-looking logos to impersonate executives effortlessly.
- Urgency Creates Instant Panic – By crafting messages that demand immediate financial action, scammers bypass logical thinking.
- End-to-End Encryption Hides Fraudsters – Once the scam is complete, fraudsters can delete messages or vanish without leaving a trace.
Law enforcement agencies are actively investigating these cases, but corporate leaders must act now before the next scam unfolds.
In the world of cybercrime, the next WhatsApp message you receive could cost your company crores.
