Fri. Aug 7th, 2020

Toyota Boshoku Corporation suffered a loss of $37 million from business email compromise (BEC) attack

1 min read

Toyota Boshoku Corporation, a subsidiary of the Toyota Group, a world-renowned auto parts manufacturer, recently revealed that the company suffered business email compromise (BEC) attack and caused huge losses. A press release issued by Toyota Boshoku Corporation showed that the company lost $37 million and Toyota Boshoku Corporation has contacted the police on this matter.

Toyota Boshoku Corporation lose $37 million

“CARS: Toyota”by GD Taber is licensed under CC BY-NC-ND 2.0

The business email compromise (BEC) attack was actually a subsidiary of Toyota Boshoku Corporation in Europe, and the international fraud group forged a supplier payment email to defraud Toyota. Toyota Boshoku Corporation said it has contacted law enforcement agencies for help, but the main task now is to find ways to track the flow of funds to recover losses.

Although Toyota Boshoku Corporation has contacted law enforcement agencies to track the flow of funds, the possibility of recovering these losses is still very low. The main reason is that such frauds against enterprises are usually professional cybercriminals, and once they succeed, the funds will be quickly dispersed to bank accounts in various countries around the world. In the end, these funds will be withdrawn through ATMs in a few days and then aggregated, and it is quite difficult to track down global law enforcement issues. So on the surface, Toyota Boshoku Corporation said it is doing its best to recover the losses, but in fact, it is announced that the loss of fraud may affect the profit forecast for next year.

Via: bleepingcomputer