iLearningEngines, a provider of AI training software for enterprises, has alerted regulators in an 8-K regulatory filing on Monday with the U.S. Securities and Exchange Commission that it has been subject to a cyberattack that allowed hackers to break into its network and steal $250,000 worth of company funds. The hacker also deleted some email messages and accessed certain files on the company’s network.

The American company did not name the person who penetrated iLearningEngines' network and misdirected a $250,000 wire payment, which iLearningEngines has not been able to recover.

Experts are of the opinion that the company fell victim to a business email compromise, or BEC attack, whereby an attacker compromises or manipulates email accounts to steal funds from a company or its employees. BEC scams often target companies that conduct wire transfers or have suppliers and vendors abroad. Read more about this story on our LinkedIn page