IT - Email

Cybercriminals follow the money, and you need look no further than Toyota Boshoku's recent $37 million loss to see why many are turning to BEC scams

"In August 2019, someone at Japan's Toyota Boshoku Corp. received fraudulent payment instructions by email to send 4 billion yen (about $37 million) to a third party - which they did. "We became aware that the directions were fraudulent shortly after the leakage," the company disclosed in a statement.

The company reacted quickly once it realized the fraud and took appropriate actions to recover their losses - a prospect experts believe unlikely. If it can't recover the money, it might be forced to restate its earnings forecast downward. That could have a negative impact on its stock price..."

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