A person posing as a CEO used a cyber-fraud scheme to propose a confidential M&A deal, and Idemitsu Kosan booked a loss of more than ¥3.6 billion. Because the scam succeeds without unauthorized access, companies with overseas operations are being urged to strengthen their payment controls.
A cyber scam targeting Japanese companies began with a phone call from someone claiming to be the CEO, followed by a confidential M&A proposal. Idemitsu Kosan booked a loss of more than ¥3.6 billion as a result of the scam.
The scheme is notable because it succeeds without unauthorized access, and companies with overseas operations face greater scrutiny of their payment controls, according to reports.
The article lays out the full scope of the damage and the perpetrators' methods, and is expected to examine prevention measures and key points for readers in a continuing series.