If a video call from your CEO asking for an urgent payment wasn't worrying enough, India's market regulators say it is now a real threat.
In seperate advisories, the Securities and Exchange Board of India (SEBI) and the National Stock Exchange warned companies and investors that cyber fraudsters are increasingly using artificial intelligence, fake trading platforms and social engineering to target the country's financial ecosystem.
SEBI on Friday flagged the rise of the so-called "Boss Scam", where criminals impersonate chief executives and other senior management using AI-generated voice clones, deepfake videos, emails and messaging apps such as WhatsApp and Microsoft Teams. The objective is to convince finance teams to bypass internal checks and make urgent, confidential fund transfers before anyone verifies the request.
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A day earlier, the NSE issued its own warning over a surge in phishing attacks, fake NSE websites, cloned mobile applications, social media impersonation and fraudulent investment groups designed to steal investor credentials and siphon money.
The twin advisories underscore how financial fraud is evolving from malware and hacking into manipulation powered by generative AI and digital impersonation. While companies face the risk of fraudulent payments, retail investors are increasingly being lured through fake trading apps, deceptive investment advice and websites mimicking trusted market institutions.
SEBI has advised listed companies and regulated entities to strengthen approval mechanisms for fund transfers, independently verify payment requests and train employees to recognise social engineering attacks.
The NSE, meanwhile, urged investors to access trading services only through official platforms, avoid clicking on suspicious links and never share login credentials or one-time passwords.
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