Toyota Parts Supplier Scammed for $37M

Sept. 12, 2019
The Toyota Boshoku Corporation, a supplier of Toyota auto parts, announced the company had been scammed via a cyberattack.

Sept. 12, 2019—A Toyota parts supplier, Toyota Boshoku Corporation, was scammed for $37 million, according to Forbes. On August 14th, attackers managed to convince someone with financial authority to change account information on an electronic funds transfer. 

This type of cyberattack is known as a business email compromise (BEC). It's believed that 75 percent of businesses are exposed to at least one attempted BEC each year.

Malware is often involved, with the cybercriminal phishing an employee and then snooping on email messages. Attack emails are sent from a legitimate corporate email account making which makes them much more believable.

It is not known yet if the company will recover the funds.