Cyber fraud targeting businesses cost Indian SMEs over ₹3,500 crore in 2023. Unlike individual fraud, business accounts face unique risks. This guide covers everything a business owner needs to know to protect their company.
Common Cyber Frauds Targeting Businesses
1. CEO/CFO Impersonation Fraud (BEC)
Fraudsters hack or spoof executive email accounts and send urgent payment instructions to finance teams. Finance staff transfer large amounts to fraudster accounts believing it’s a legitimate order.
Prevention: Verify any payment instruction above a threshold via phone call to the actual executive.
2. Vendor Invoice Fraud
Fraudsters intercept email communications and change bank account details on invoices, diverting payments to their accounts.
Prevention: Always verify new bank account details via phone before first payment.
3. Fake GST/Income Tax Refund Calls
Calls claiming your business is due a GST refund, asking for banking details or OTP to “process” the refund.
Prevention: All government refunds are automated — no official calls asking for banking details.
4. Employee Data Theft
Phishing emails targeting employees collect credentials that enable account takeovers.
Prevention: Regular cybersecurity training for all staff.
10 Essential Cybersecurity Measures for Businesses
- Use dedicated business accounts separate from personal accounts
- Enable two-factor authentication on all banking and email accounts
- Set payment authorization limits requiring two approvals above threshold
- Conduct quarterly cybersecurity awareness training
- Use business-grade antivirus and email filtering
- Maintain separate email domains for finance communications
- Verify all vendor bank changes via phone before processing
- Monitor account statements daily via banking alerts
- Have an incident response plan ready
- Cyber insurance for protection against losses
What to Do if Your Business Account is Compromised
- Immediately block all active transactions with your bank
- Call 1930 and your bank’s fraud helpline
- Preserve all digital evidence (emails, transaction logs)
- File FIR and complaint on cybercrime.gov.in
- Notify affected vendors and employees
- Engage a cybersecurity firm for forensic investigation
Business Account Frozen?
If your business account has been frozen due to a cybercrime investigation, visit assistportal.services for immediate assistance. Business accounts can be expedited through the CFAP process with proper documentation.
Visit AssistPortal for assistance.