{"meta":{"database":"Global Social Engineering Impact Database","license":"CC BY 4.0 — attribute to Netarx Social Engineering Incident Database","url":"https://global-social-engineering-impact-da.vercel.app/incidents/2019-toyota-boshoku-european-unit-loses-37-million-to-payment-instruction-bec"},"incident":{"title":"Toyota Boshoku European unit loses $37 million to payment-instruction BEC","date":"2019-08-14","date_precision":"day","victim_org":"Toyota Boshoku Corporation (European subsidiary)","sector":"Manufacturing","country":"Japan","primary_vector":"Business Email Compromise","secondary_vectors":["Vendor / Supply Chain Impersonation"],"ai_involvement":"No AI reported","ai_notes":"No AI element reported.","outcomes":["Wire Fraud / Financial Loss"],"loss_usd":37000000,"loss_note":"Approximately ¥4 billion, reported as about $37 million; the company said it was pursuing recovery of the funds.","records_affected":null,"threat_actor":null,"summary":"Toyota Boshoku, a Toyota Group parts supplier, announced in September 2019 that a European subsidiary had been defrauded of roughly ¥4 billion (about $37 million) on 14 August 2019 after receiving fraudulent electronic payment instructions. The company said a third party had directed funds to an account it controlled and that it was working with lawyers and authorities to recover the money.","how_it_worked":"Attackers sent messages that impersonated a trading partner or an internal authority and instructed the subsidiary's finance function to redirect a large trade payment to a different bank account. Because the amount and the counterparty were consistent with the subsidiary's normal automotive supply-chain payments, the request did not stand out, and the transfer was executed on the strength of the emailed instruction alone. The loss was discovered after the fact, and Toyota Boshoku disclosed it to the market alongside a downward revision of expected results while pursuing legal recovery.","lessons":"Any instruction that changes payee bank details, even mid-transaction with a known partner, should require independent verification through an established contact and a second approver outside the requesting chain.","confidence":"Confirmed","sources":[{"title":"Over $37 Million Lost by Toyota Boshoku Subsidiary in BEC Scam","url":"https://www.bleepingcomputer.com/news/security/over-37-million-lost-by-toyota-boshoku-subsidiary-in-bec-scam/","publisher":"BleepingComputer"},{"title":"Toyota Parts Supplier Loses $37 Million in Email Scam","url":"https://www.tripwire.com/state-of-security/toyota-parts-supplier-loses-37-million-email-scam","publisher":"Tripwire State of Security"},{"title":"Toyota Boshoku Corporation lost over $37 Million following BEC attack","url":"https://securityaffairs.com/90955/cyber-crime/toyota-boshoku-corporation-bec.html","publisher":"Security Affairs"}],"entry_type":"incident","slug":"2019-toyota-boshoku-european-unit-loses-37-million-to-payment-instruction-bec","year":2019,"loss_kind":"direct_loss","url":"https://global-social-engineering-impact-da.vercel.app/incidents/2019-toyota-boshoku-european-unit-loses-37-million-to-payment-instruction-bec"}}