Germany's Leoni 'a Victim of Massive Fraud'

German wire manufacturer Leoni has said it's become the victim of a massive fraud scheme by cybercriminals. The company reported the loss of tens of millions of euros through falsified documents. 

Leoni AG realised on Friday 12 August 2016 that it had become the victim of fraudulent activity with the help of falsified documents and identities and the use of electronic communication channels. As a result, company funds were transferred to accounts abroad. The Management Board immediately launched an investigation into the events and is currently assessing claims for damages and insurance claims.

It has also reported the matter to the police criminal investigators. The damage amounts to an outflow of liquidity totalling around EUR 40 million. The criminal activities have not affected the IT infrastructure or data security. 

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