Toyota Boshoku Subsidiary loses over USD 37 million in BEC fraud

Tuesday 10 September 2019 13:18 CET | News

One of Toyota`s European subsidiary has lost over USD 37 million following a business email compromise (BEC) attack.

The car components manufacturer, member of the Toyota Group, announced in a press release that the incident took place on August 14, 2019 and that after discovering the BEC fraud incident, the company started an investigation together with several legal professionals and subsequently disclosed the event to local authorities.

This incident follows a previous security breach disclosed by Toyota in March 2019 that affected roughly 3.1 million customers whose personal information may have been leaked following a security breach of multiple Toyota and Lexus sales subsidiaries.

Australian Toyota dealers were also targeted by a cyber-attack, which led to the shutdown of its corporate IT systems on February 19, 2019.

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Keywords: BEC fraud, business email compromise, CEO fraud, online security, transfers, Toyota, Europe, fraud prevention
Countries: World