Toyota Boshoku, a member company specializing in the production of car components, of Toyota Motor Corporation of Japan, recently confirmed the loss of more than 37 million dollars after the company became victim of an online email fraud (BEC scam) campaign.
The parent company Toyota also mentioned in a previously published press release about “a case of fraud involving fraudulent payment activities from a malicious third party, resulting in financial losses. serious for our European-based subsidiary “.
Toyota Boshoku is a subsidiary of Japan Toyota Motor Corporation
This cyber security incident occurred on August 14, and the initial anticipated financial loss was a maximum of about 4 billion yen (as of September 5), equivalent to $ 37,472,000. (approximately 33,904,000 euros).
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Detailed information on security incidents has been recorded by the authorities
After discovering this dangerous fraud, Toyota Boshoku almost immediately started an investigation with the assistance of a number of legal experts, then reported the entire situation to the authorities. local as well as relevant authorities.
“We are committed to cooperating fully in all aspects of the investigation, and at the same time implementing the necessary measures to implement the procedures for securing / recovering leaked funds, minimizing most of the unnecessary impacts on production activities as well as not causing any inconvenience to partners, and especially customers, “Toyota Boshoku representative said in a press release today. 8.9 past.
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Production activities of Toyota Boshoku were not affected by the new scam attack
Further details of the ongoing investigation remain unpublished, along with Toyota Boshoku’s plans to “disclose any amendments to the earnings forecast published in March 2020 if the incident occurs.” this makes that modification necessary “.
This critical incident occurred less than 6 months after another March security breach also affected about 3.1 million Toyota customers globally. The breach occurred in the Japanese automaker’s database, causing customers’ personal information to leak, causing privacy and privacy concerns.
In February of this year, Toyota Vietnam also had to issue an urgent notice confirming that the company’s computer system was hacked and could have unauthorized access to some customer data. in Viet Nam. The leaked data warehouse included information about individuals, partners and customers of Toyota with the number of hundreds of thousands of records.
- Honda database leaked, revealed many “fatal” weaknesses in the intranet system
Toyota Vietnam has been attacked by hackers, illegally accessing the internal database
Earlier, the network of Toyota dealers in Australia also became the victim of a local-scale cyberattack, resulting in a complete paralysis of the company’s IT system on February 19.
BEC scam – a new but effective method of fraud
Business Email Compromise (BEC), sometimes known as Email Account Compromise (EAC), is a fraudulent activity that is done by cybercriminals who try to deceive one or more employees of an organization with the ultimate goal of making these employees transfer their money into a bank account in their name
This type of attack has been around for a long time, almost paralleling the development and popularity of email. However, it has never been “hot” because the success rate is always high. This stems from the fact that crooks always know how to set a problem and target key businesses. The most common scenario is to pretend to be a trusted business partner or even the CEO of a company to gain the victim’s trust.
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BEC scam is an online scam through email and targeting businesses
BEC is one of the most common frauds in the internet world, with reports almost being recorded day by day, hour by hour. Fortunately, there have been many victims of this fraud method have regained part or even the entire amount of money lost by quickly freezing accounts before the fraudsters promptly transferred money. out of that account. Such is the case with Portland Public Schools, Oregon, USA. The school has recovered almost all of the $ 2.9 million after falling victim to a BEC attack in August.
However, most other victims are not so lucky. Often, only a small part of the lost money can be recovered with great success, while in many cases, the loss of necessary measures has not been taken immediately after the “disaster” happened.
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According to the annual Internet Crime report released by the FBI’s Internet Crime Complaint Center (IC3) in April 2019, in the US alone in 2018, the BEC scam caused more than $ 1.2 billion in damages.
Another statistic conducted by the Financial Crimes Enforcement Network (FinCEN) shows that the damage caused by BEC scam has increased from an average of $ 110 million a month in 2016 to over $ 301 million. So, despite the fact that advanced security measures are being rolled out every hour, every minute, BEC scams are still one of the top concerns for every business today.
- Awareness and experience – the most important factor in all network security processes
The amount of damage caused by BEC scam monthly has almost doubled from 2016 to 2018
In order to minimize the risk of their employees becoming victims of BEC attacks, organizations and businesses are required to adhere to the strict security procedures of network security service providers and tighten them. checking and verifying all changes to payment information through a variety of verification processes, including but not limited to meetings or direct phone calls to authenticate when there is any behavior. Modify which payment information is detected on the system.
The fight against online fraud is still very difficult and there is no ending.