In August 2019, someone at Japan’s Toyota Boshoku Corp. received fraudulent payment instructions by email to send 4 billion yen (about $37 million) to a third party — which they did. “We became aware that the directions were fraudulent shortly after the leakage,” the company disclosed in a statement.
The company reacted quickly once it realized the fraud and took appropriate actions to recover their losses — a prospect experts believe unlikely. If it can’t recover the money, it might be forced to restate its earnings forecast downward. That could have a negative impact on its stock price.