Toyota Boshoku, a seating and interiors supplier for Toyota cars, has revealed that it was tricked into moving a large amount of money into a bank account controlled by scammers. In a statement published on its global website, Toyota Boshoku Corporation said that its European subsidiary was duped into transferring approximately four billion yen (over US $37 million) out of the business and into a bank account controlled by criminals on 14 August.

The number of fraudulent email circulations seems to grow with each passing day. Scammers use email fraud with the main motive of deceiving users for their gain. This is especially true in the financial institutions where attackers use domain spoofing schemes to send emails to employees or customers.

The elderly population in the U.S has been on a steady incline for the past few decades. With more seniors living longer new challenges arise. Unfortunately, many seniors become vulnerable to different types of abuse, neglect, and exploitation as they age. The National Council on Aging estimates that financial fraud and abuse against seniors costs older Americans up to $36.5 billion each year.

YouTube, the world’s top provider of streaming multimedia content, keeps reaching new heights in terms of its popularity. Nearly two billion monthly users and five billion videos watched every single day – these impressive statistics speak for themselves, and the numbers are steadily growing year over year. Everybody loves YouTube and so do cybercriminals, only in their very own nefarious way.

In 1985, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) originally formed to enable the National Commission on Fraudulent Financial Reporting. COSO’s original goal, to review causal factors leading to fraudulent financial reporting, ultimately evolved as more technologies became embedded in the process.

We are all no doubt aware of phishing. That age-old practice of sending fraudulent emails with the hope of gaining financial details, obtaining account credentials or tricking a user into installing malicious software. The practice is not new. In fact, before the wide-spread use of the internet, people would often receive letters claiming that they had won some sort of competition and to claim their prize, all they had to do was send some cash to front the delivery costs.

The U.S. Government’s Federal Bureau of Investigation (FBI) released an open administration declaration this week cautioning that ‘business email compromise’ (BEC) scamming emails are on a dramatic increase Globally.