Data Security News Headlines 4th September 2017

  1. MacEwan University wastes $11.8 million after being a victim of phishing attack

MacEwan University wastes $11.8 million after staff failed to call one of its vendors to confirm whether emails requesting a change in banking information were legitimate.  According to the university statement, On Wednesday, August 23, MacEwan University discovered it had been the victim of a phishing attack. A series of fraudulent emails convinced university staff to change electronic banking information for one of the university’s major vendors. The fraud resulted in the transfer of [Canadian] $11.8 million to a bank account that staff believed belonged to the vendor. Three payments were performed to the fraud account: The first one on Aug. 10 for $1.9 million; the second payment on Aug. 17 for $22,000 and a third on Aug. 19 for $9.9 million. The money has been traced to accounts in Montreal and Hong Kong, those funds have now been frozen said university spokesman David Beharry.

Cyber Security Tips: Users are strongly recommended that beware of phishing mails, never transfer money to unknown accounts without verifying, and make sure that you are transferring money to the right person.

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