
In the email-driven business world of today, Business Email Compromise (BEC) attacks are a formidable threat to enterprises worldwide. These cyberattacks, often involving intricate impersonation and social engineering, aim to deceive businesses into transferring large sums of money to an impostor. With financial and reputational stakes so high, understanding the nuances of BEC incidents is crucial for any business. Let’s take a look into three notable cases of BEC attacks and how you might learn from them.

1. Toyota Boshoku Corporation (2019): The $37 Million Heist
In August 2019, Toyota Boshoku Corporation, a component manufacturer within the Toyota Group umbrella, became a target in a meticulously orchestrated BEC scheme. Cybercriminals masqueraded as trusted business partners, executing a series of convincing email exchanges that requested urgent financial transfers. The emails appeared legitimate, down to every detail: appropriate language, branding, and subtle details that employees were trained to recognize.
The scam culminated in a $37 million wire transfer to overseas accounts, meaning the funds vanished almost instantly. The ramifications were far-reaching. This financial blow was severe enough to affect the company’s cash reserves, pushing Toyota Boshoku into deep water. The company was forced to reconsider its cybersecurity measures. This incident brought to light not only the financial risks but also the potentially crippling impact on operational liquidity these attacks can have.

2. Pathé (2018)
In 2018, Pathé, a renowned cinema chain, found itself embroiled in a dramatic cybersecurity scam. It began when Pathé employees received an email pretending to be from high-ranking executives at the company’s European headquarters. The message urgently requested a transfer of $22 million to support an acquisition in Dubai. Given the company’s acquisition strategies, this supposed acquisition seemed like it could be real.
Believing the instructions were real, employees completed the transaction. Once it became clear that the communication was suspicious, the company suffered major financial losses and even fired some officers for not having strict verification processes. This led to intense scrutiny in the media. This situation highlighted the company’s weaknesses and led to both financial damage and public criticism.

3. Scoular Company (2014)
The Scoular Company, with its 100-year history, was hit by digital fraud in a BEC scheme that stole $17 million. The attackers, pretending to be the CEO, set up a complex plan to urgently fund a secret Chinese deal. This tactic took advantage of the company’s goals and sense of urgency. Skillfully crafted emails bypassed financial checks and capitalized on the company’s culture of internal trust. By the time the scam was discovered, the money was gone. This obviously caused serious financial and operational damage. This incident highlighted the need for better cyber security and internal checks, serving as a tough lesson on the impact of broken trust.
What’s the common denominator?
In each of these cases, companies lost large amounts of money as a result of email impersonation. Their bank accounts didn’t get hacked; their wallets weren’t picked. Instead, all it took was a clever disguise for these companies to lose millions of dollars. And when a business has influence like these companies did, the loss is much more than merely financial. Media criticism, internal panic, and destruction of customer trust happened in an instant.
When it comes to Business Email Compromise, your reputation is on the line.
So how can we prevent this from happening to your business?
Harnessing DMARC for Digital Defense
The easiest solution today is implementing Domain-based Message Authentication, Reporting & Conformance (DMARC). This email validation system is essential for detecting and countering email spoofing. That’s why many industries and Email Service Providers (such as Google and Yahoo) have been requiring it as a must-have.
What DMARC can do:
- Authenticity Assurance: DMARC ensures emails claiming to be from your domain are genuinely from you, blocking malicious impersonation efforts.
- Proactive Monitoring: By providing comprehensive reports on email traffic, DMARC equips you with the insights needed to promptly identify and address fraudulent attempts.
- Brand Integrity: Maintaining strict DMARC policies reinforces trust in your digital communications, safeguarding your reputation even if an attack is attempted.
- Enforcement Capability: With the ability to set policies to reject or quarantine unverified emails, organizations can proactively manage threats before they reach their intended targets.
Moving Forward…
To conclude, the lessons from these BEC cases are clear: vigilance and proactive cybersecurity measures like DMARC are non-negotiable in protecting a company’s assets and reputation.
As companies navigate the complexities of digital communication, adopting such protections could mean the difference between business continuity and catastrophic loss.
The first step to a healthy email authentication protocol is checking your SPF Record. This will show you which IP addresses are authorized to send emails on your behalf. Try our free tool below to get started.

Ready to take the first step towards DMARC compliance?
Try our SPF Checker Tool today. It’s free!