1 min read

Nikkei worker tricked into transferring $29 million into scammer's bank account

Graham CLULEY

November 05, 2019

Nikkei worker tricked into transferring $29 million into scammer's bank account

Nikkei, one of the largest media companies in Japan, with an empire spanning broadcasting, digital media, magazines, and newspapers such as the Financial Times, says that its US subsidiary, Nikkei America, has been scammed out of $29 million.

In a press release, the largest independent business media group in Asia which lends its name to Japan’s leading stock index, revealed that an employee of its American subsidiary had been fooled into transferring the money into a bank account after a fraudster posed as a Nikkei management executive.

The scammer struck in late September, adding Nikkei America to the long list of well-known organisations who have been duped in recent years via business email compromise.

Just a few months ago, the Financial Crimes Enforcement Network (FinCEN), part of the US Department of the Treasury, warned that in less than two years it had documented 32,000 cases of attempted theft via Business Email Compromise (BEC), amounting to a staggering $9 billion since September 2016.

The most elementary BEC scam sees fraudsters impersonate company executives via email in an attempt to dupe workers into transferring funds.

In other attacks, the scammer may pose as a vendor and, after spying on email accounts to learn about suppliers and projects, send a fraudulent invoice which requests payment to a bank account under the control of a criminal.

Technology can play a part in making it harder for BEC scammers to succeed in their attempts to steal millions of dollars, but it should always be accompanied by staff training and a framework of policies and procedures that are followed by every worker inside a company – regardless of their seniority.

Although Nikkei says that it recognised that it had likely been the victim of fraud “shortly after”, it unfortunately wasn’t quick enough to prevent $29 million from being stolen.

According to Nikkei, it is “taking immediate measures to preserve and recover the funds that have been transferred, and taking measures to fully cooperate with the investigations.”

tags


Author



Right now

Top posts

Ultimate Privacy Guide for Your Facebook Account

Ultimate Privacy Guide for Your Facebook Account

August 31, 2021

6 min read
7 Signs It’s Time to Use Parental Controls On Your Family’s Devices

7 Signs It’s Time to Use Parental Controls On Your Family’s Devices

August 27, 2021

2 min read
Your Netflix Account May Be on Sale on Darkweb. Protect It

Your Netflix Account May Be on Sale on Darkweb. Protect It

August 13, 2021

3 min read
E-mails claiming your computer was hacked and your privacy exposed - what you need to know (spoiler: you can relax - they’re bluffing)

E-mails claiming your computer was hacked and your privacy exposed - what you need to know (spoiler: you can relax - they’re bluffing)

July 29, 2021

5 min read
Watch Out for These Ongoing Bank of America Phishing Campaigns Targeting Customers in the US

Watch Out for These Ongoing Bank of America Phishing Campaigns Targeting Customers in the US

July 16, 2021

3 min read
How to protect yourself against cyberstalking

How to protect yourself against cyberstalking

July 06, 2021

2 min read

FOLLOW US ON

SOCIAL MEDIA


You might also like

How to keep your Android device immune to malicious vaccine themed apps How to keep your Android device immune to malicious vaccine themed apps
Cristina POPOV

April 22, 2021

2 min read
Facebook Takes Down Two Hacking Groups Operating out of Palestine Facebook Takes Down Two Hacking Groups Operating out of Palestine
Silviu STAHIE

April 22, 2021

2 min read
Ransomware attack causes supermarket cheese shortage in the Netherlands Ransomware attack causes supermarket cheese shortage in the Netherlands
Graham CLULEY

April 13, 2021

2 min read