• Fraudsters use both fake emails and phone calls to impersonate trusted individuals.
• Victims receive an email requesting a transaction, followed by a confirming phone call.
• This social engineering tactic increases credibility and pressure to act quickly.

3. Nationalized Bank Defrauded via Email Spoofing (2021)

Steps of the Fraud:

1. Impersonation of Company Director:
   • A fraudster, posing as the director of a private company with an account at the bank, contacted the bank manager.
2. Request for Fund Transfer:
   • The impersonator requested the transfer of ₹9.94 lakh to a specific account, citing business reasons.
3. Verification Bypass:
   • The bank manager, trusting the caller’s identity, processed the transfer without thorough verification.
4. Fraud Detection:
   • The real company director later denied initiating the transfer, leading to the discovery of the fraud.