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Gigategy » An Email Scam Cost One of Europe’s Biggest Companies $40 Million

An Email Scam Cost One of Europe’s Biggest Companies $40 Million

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Earlier this month, Leoni AG, one of the world’s largest manufacturers of wires and electrical cables, informed investors that the German company lost almost 40 million euros (or about $44.6 million) to online scammers. Today, we finally know how: According to investigators, the thieves simply spoofed emails to look like official payment requests, a tactic known as “ CEO fraud .” Read more…

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An Email Scam Cost One of Europe’s Biggest Companies $40 Million

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