Toy Maker Mattel Shells Out $3 Million in Phishing Scam
Posted by: Timothy Weaver on 04/06/2016 03:21 PM
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According to the Associated Press, toy manufacturer Mattel was duped out of $3 million dollars in a phishing scam.
Within a month of Christopher Sinclair taking the helm as CEO, an unnamed financial executive at the company received an email supposedly from Sinclair requesting a vendor payment to China.
The payment was made to the Bank of Wenzhou, but within hours of making it, Sinclair was made aware of the transfer and announced that he did not authorize it.
Although calls were made to Mattels bank, the police and the FBI, it arppeared as though the money was gone. However, the company lucked out as it was a banking holiday in China and the police in China were able to freeze the account and recover the funds.
Authorities are still uncertain as to where the email originated from.
Source: SCMagazine
Within a month of Christopher Sinclair taking the helm as CEO, an unnamed financial executive at the company received an email supposedly from Sinclair requesting a vendor payment to China. The payment was made to the Bank of Wenzhou, but within hours of making it, Sinclair was made aware of the transfer and announced that he did not authorize it.
Although calls were made to Mattels bank, the police and the FBI, it arppeared as though the money was gone. However, the company lucked out as it was a banking holiday in China and the police in China were able to freeze the account and recover the funds.
Authorities are still uncertain as to where the email originated from.
Source: SCMagazine
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