28 February 2024

Discount retailer Pepco loses over €15M due to phishing attack


Discount retailer Pepco loses over €15M due to phishing attack

The European chain of discount shops Pepco Group disclosed that it has fallen victim to a sophisticated phishing attack, which has resulted in a loss of nearly €15.5 million. The attack has affected its Hungarian business, the company said.

“The attack has resulted in a loss of approximately €15.5 million in cash, before any potential recovery. It is unclear at this stage whether the funds can be recovered, although Pepco is pursuing various efforts through its banking partners and the police. At this stage, the incident does not appear to have involved any customer, supplier or colleague information or data,” Pepco said in a short statement.

The company didn’t reveal the details about the incident, only noting that “at this stage, the incident does not appear to have involved any customer, supplier or colleague information or data.”

The retailer said it is investigating the incident and is working on ensuring the integrity of its IT and financial control environment, alongside activities to test and further strengthen its policies and procedures.


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