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One of Europe's Biggest Companies Loses €40 Million in Online Scam


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German electrical cable maker Leoni falls victim to BEC scam

 
Aug 31, 2016 21:35 GMT  ·  By Catalin Cimpanu Leoni AG, Europe's biggest manufacturer of wires and electrical cables and the fourth-largest vendor in the world, announced it lost €40 million ($44.6 million) following an online scam that tricked one of its financial officers into transferring funds to the wrong bank account.
 
The incident took place on Friday, August 12, and the company announced it publicly on August 16 when its shares dropped between 5 and 7 percent on the stock market following the news.
 
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