Cybercrooks tricked an employee of the Nikkei America subsidiary into transferring money into bank accounts they controlled.
The company is still in the process of recovering the $29 million lost to the scammers. Business email compromise, or BEC, scams are one of a kind attacks that only need to be successful a few times to be highly rewarding for the cybercriminals. According to the FBI’s report, losses from BEC scams amounted to nearly $1.3 billion in 2018. This is double the losses in 2017, which stood at $676 million.

Nikkei, one of the largest media companies in Japan, with about 4 million active subscribers, was scammed out of $29 million in late September 2019. An employee of Nikkei America, a subsidiary of Nikkei Inc., was fooled by fraudsters into transferring the money to a bank account controlled by them. The scammers pretended to be one of the executives of Nikkei Inc.