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Toyota subsidiary victim of email fraud

09/06/2019

Toyota Boshoku Corporation, a manufacturer of automotive components belonging to the Toyota Motor Corporation group, announced that one of its European subsidiaries lost more than $37 million after a BEC (Business Email Compromise) attack, commonly known as "CEO fraud".

In the official statement, the company comments that a fraudulent payment was made to a malicious third party, resulting in a financial loss for the subsidiary in Europe.

As soon as they detected the fraud, they brought it to the attention of the local authorities for investigation, established a legal team to study the actions to be taken, and are currently directing their efforts to recover the lost capital.