Toyota Parts Supplier Hit By $37 Million Email Scam

Toyota Parts Supplier Hit By $37 Million Email Scam

Forbes / September 2019 / by Lee Mathews / Read the original article here

The Toyota Boshoku Corporation, a major supplier of Toyota auto parts, reported some distressing news this week. Fraudsters fleeced the company via an email scam to the tune of about ¥ 4 billion (JPY). That works out to just over $37 million at today's exchange rate.

Toyota Boshoku Asia

Toyota Boshoku Asia TOYOTA BOSHOKU

On August 14th, attackers managed to convince someone with financial authority to change account information on an electronic funds transfer. Both Toyota Boshoku Corporation and its subsidiary have been in contact with law enforcement officials and an investigation is under way.

It's not yet know if the company will be able to recover any of the misdirected funds. Understandably, the press release offers few additional details. It does note that the incident may require the company to adjust its March 2020 financial projections.

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