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Cyberheist Nets 44 Million In Single CEO Fraud Attack

One-of-europe-s-biggest-companies-loses-40-million-in-online-scam

Earlier in August, one of the worlds largest cable manufacturersLeoni AGpublicly confessedthat it had fallen victimto a classic CEO Fraud attack that has cost the company a whopping 44 million dollars. Followingtwo weeks of intensive investigations, new details surfaced and the thieves turned out to have used sophisticated social engineering tactics combined with email spoofing.

The attackers crafted emails to appear like legitimate payment requests from the head office in Germany and sent them to a subsidiary of Leoni in Bistrita, Romania.

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