Business email compromise attacks cost millions, losses doubling each year
Business email compromise attacks cost millions, losses doubling each year 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. This is just the latest high-profile example of business email compromise (BEC). "I've seen this happen at least 100 times