Hyderabad: A local software professional recently fell victim to a sophisticated cyber attack, resulting in a loss of Rs 42 lakh from his bank and US stock market accounts.
In the incident that occurred in March, hackers executed unauthorized wire transfers and withdrawals without requiring OTP or call verification. They also compromised the victim’s WhatsApp account and demanded a ransom to restore access to his accounts.
The techie, who actively invests in the US stock market, discovered that his identity had been stolen after noticing multiple wire transactions over a span of 10 days. Initially, he received notifications about new accounts being created in his name. Following the unauthorized transfers and withdrawals, he reported the matter to the cyber crime police.
The funds were moved to various accounts, and withdrawals occurred without his consent. In a related incident, another businessman from Hyderabad lost Rs 1.22 crore in an online trading scam. Meanwhile, the Hyderabad Cyber Crimes department is actively combating such frauds and has successfully recovered significant amounts for victims.
Similar cases have emerged across India, where hackers exploit vulnerabilities in electronic transactions and internet platforms.
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