PYMNTS reported:
The City of Baltimore lost over $803,000 when a fraudster diverted two of the city’s electronic fund transfer (ETF) payments intended for a vendor to another bank account.
One payment valued at over $721,000 was retrieved by the city, while the other one valued at over $803,000 has not been recovered, the Office of the Inspector General of the City of Baltimore said in an investigative report synopsis released Wednesday (Aug. 27).
“The investigation revealed a lack of internal policies and procedures in AP [the city’s Department of Accounts Payable] regarding supplier verification,” the report said.
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
The City of Baltimore lost over $803,000 when a fraudster diverted two of the city’s electronic fund transfer (ETF) payments intended for a vendor to another bank account.
One payment valued at over $721,000 was retrieved by the city, while the other one valued at over $803,000 has not been recovered, the Office of the Inspector General of the City of Baltimore said in an investigative report synopsis released Wednesday (Aug. 27).
“The investigation revealed a lack of internal policies and procedures in AP [the city’s Department of Accounts Payable] regarding supplier verification,” the report said.
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