Leoni AG victim of business email compromise – €40 million lost

Marika Samarati reports:

Leoni AG, one of the world’s leading wire and cable manufacturers, fell victim to an email scam that cost the company 40 million euros. According to a press release, “Leoni AG realised on Friday 12 August 2016 that it had become the victim of fraudulent activity with the help of falsified documents and identities and the use of electronic communication channels. […] The damage amounts to an outflow of liquidity totalling around EUR 40 million.”