The Washington Post reported:
Find the original article here.
Takeaway: Have a separate process for remittance changes that includes controls, validations, authentication and best practices. Implement a vendor process audit or separate approver to verify that the process has been followed.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
A New Jersey community lost about $26 million in a “sophisticated financial theft” while attempting to wire money to acquire property for affordable housing, the mayor of Cranbury Township said in a statement.
Mayor Lisa Knierim detailed the theft in a statement posted on Facebook on Friday, more than five weeks after the Sept. 28 wire transfer.
Knierim said local, county, state and federal law enforcement agencies investigating the theft have so far identified $17.3 million that has been “successfully frozen.”
Mayor Lisa Knierim detailed the theft in a statement posted on Facebook on Friday, more than five weeks after the Sept. 28 wire transfer.
Knierim said local, county, state and federal law enforcement agencies investigating the theft have so far identified $17.3 million that has been “successfully frozen.”
Find the original article here.
Takeaway: Have a separate process for remittance changes that includes controls, validations, authentication and best practices. Implement a vendor process audit or separate approver to verify that the process has been followed.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
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