Toyota Boshoku Corporation, a car components manufacturer member of the Toyota Group, announced today that one of its European subsidiaries lost more than $37 million following a business email compromise (BEC) attack.
The company mentions in a press release published earlier today "a recent case involving fraudulent payment directions from a malicious third party that has resulted in a financial loss at our European subsidiary."
The expected financial loss following the incident that took place on August 14 is of roughly 4 billion yen maximum (as of 5 September), which translates to $37,472,000 (or €33,904,000).
BEC scam incident report to authorities
"Together with the European subsidiary, we became aware that the directions were fraudulent shortly after the leakage," further details Toyota Boshoku Corporation's press release.
After discovering the BEC fraud incident, the company started an investigation together with several legal professionals and subsequently disclosed the event to local authorities.
"While cooperating in all aspects of the investigation, we are devoting our utmost efforts to procedures for securing/recovering the leaked funds," adds the company. [PDF]
Other details are not yet available given the still-ongoing investigation, with the company planning to "disclose any amendments to the released March 2020 earnings forecast if this incident makes such revision necessary."
This incident follows a previous security breach disclosed by Toyota in March that impacted 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 ..
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