OPB reported:
The city of Portland says about $6.7 million intended for the Bull Run water filtration project was redirected in a fraud scheme.
Belding said the funds were initially deposited into an account belonging to a New York law firm named Raiti, PLLC. That firm showed evidence it was also a victim in the scheme and has helped facilitate the recovery of the money.
The funds are currently in the custody of the U.S. Marshals Service.
This would not be the first time Portland has been targeted in a high-tech scam. Three years ago, cybercriminals made off with $1.4 million in taxpayer money when a wire transfer meant for a local homeless service provider ended up going to hackers instead.
Belding said the funds were initially deposited into an account belonging to a New York law firm named Raiti, PLLC. That firm showed evidence it was also a victim in the scheme and has helped facilitate the recovery of the money.
The funds are currently in the custody of the U.S. Marshals Service.
This would not be the first time Portland has been targeted in a high-tech scam. Three years ago, cybercriminals made off with $1.4 million in taxpayer money when a wire transfer meant for a local homeless service provider ended up going to hackers instead.
Find the original article here.
Takeaway: Have a separate process for remittance changes that includes controls, validations, authentication and best practices. Also, fraudsters can target victims multiple times when they see controls are weak.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Takeaway: Have a separate process for remittance changes that includes controls, validations, authentication and best practices. Also, fraudsters can target victims multiple times when they see controls are weak.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat