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September 1, 2016 04:00 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/rFu0Z9hqs6w/one-of-europes-biggest-companies-loses-40-million-euros-in-online-scam
One of Europe's Biggest Companies Loses 40 Million Euros In Online Scam
An anonymous reader writes from a report via Softpedia: Leoni AG, Europe's biggest manufacturer of wires and electrical cables and the fourth-largest vendor in the world, announced it lost 40 million euros ($44.6 million) following an online scam that tricked one of its financial officers into transferring funds to the wrong bank account. A subsequent investigation revealed that attackers had scouted the company's network and procedures, and identified a weak spot to attack. According to authorities, a young woman working as CFO at Leoni's Bistrita factory in Romania was the target of the scam, when she received an email spoofed to look like it came from one of the company's top German executives asking her to transfer funds to a bank account. According to unconfirmed information, the money stolen from Leoni's Bistrita branch ended up in bank accounts in the Czech Republic. The FBI says this type of attack is known as CEO fraud, whaling, or BEC (Business Email Compromise), and has defrauded companies around the world of over $3 billion since October 2013.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/rFu0Z9hqs6w/one-of-europes-biggest-companies-loses-40-million-euros-in-online-scam
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