News 10 ABC reported:
Highland County in Ohio is reeling after a cyber scam led to the unauthorized transfer of over $450,000 of taxpayer dollars to a fraudster posing as a legitimate vendor.
The misstep has resulted in a finding for recovery by auditors, specifically pointing out an issue that resulted from the county's failure to independently verify the legitimacy of the payment redirection. Auditors noted that the county did indeed manage to "recover $184,073.73 from the bank involved, and the county’s insurance company paid $263,546.85 of the lost funds." However, to cover all the bases, the county was required to repay a $2,500 deductible that was part of the audit findings.
Find the original article here.
Takeaway: Though they recovered most - there was still the insurance deductible that they received an audit finding for.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Highland County in Ohio is reeling after a cyber scam led to the unauthorized transfer of over $450,000 of taxpayer dollars to a fraudster posing as a legitimate vendor.
The misstep has resulted in a finding for recovery by auditors, specifically pointing out an issue that resulted from the county's failure to independently verify the legitimacy of the payment redirection. Auditors noted that the county did indeed manage to "recover $184,073.73 from the bank involved, and the county’s insurance company paid $263,546.85 of the lost funds." However, to cover all the bases, the county was required to repay a $2,500 deductible that was part of the audit findings.
Find the original article here.
Takeaway: Though they recovered most - there was still the insurance deductible that they received an audit finding for.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat