Ozarks Technical Community College robbed of nearly $900k
bransontrilakesnews.com
Ozarks Technical Community College robbed of nearly $900k
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Re: Ozarks Technical Community College robbed of nearly $900k
#2 “We can’t provide all of the specifics at this time,” Higdon said, “but it appears the criminals succeeded in impersonating one of our vendors online and directed payments from the college into a fraudulent account.”
- so they sent a fake invoice and the college paid it?
Re: Ozarks Technical Community College robbed of nearly $900k
#3(Geoblocked in EU)
Re: Ozarks Technical Community College robbed of nearly $900k
#4“We can’t provide all of the specifics at this time,” Higdon said, “but it appears the criminals succeeded in impersonating one of our vendors online and directed payments from the college into a fraudulent account.” - so they sent a fake invoice and the college paid it?
I read that more as someone called the school and said something like: “hi, I’m calling from vendor X you usually pay into our bank account ABC, but due to some reason, we’ve needed to close that account. Can you please update that account to DEF and make all future payments there?”
Re: Ozarks Technical Community College robbed of nearly $900k
#5Naive question, but why can't banks undo a fraudulent transaction? Is there no such framework in place?
Re: Ozarks Technical Community College robbed of nearly $900k
#6Naive question, but why can't banks undo a fraudulent transaction? Is there no such framework in place?
EFTs are reversible but have much lower limits. To move this much money they probably used a bank wire. This can be reversible if you catch it in time. But wires happen so fast the thieves will surely transfer the money elsewhere before the originator even finds out.
Re: Ozarks Technical Community College robbed of nearly $900k
#7Just so we are all aware, crypto does not solve fraud. The result would have been the same if they paid in Bitcoin.
Re: Ozarks Technical Community College robbed of nearly $900k
#8Oof, if a $900,000 invoice doesn't trigger review from their accounting dept, kind of their fault for not having a process of the common sense to question that bill.
Re: Ozarks Technical Community College robbed of nearly $900k
#9This is probably the first time I am seeing this. The ads served on website are local to MO, probably where the college is based. Rather than being customized to my browsing/locality.
Re: Ozarks Technical Community College robbed of nearly $900k
#10Just so we are all aware, crypto does not solve fraud. The result would have been the same if they paid in Bitcoin.
Right but usually people argue banks prevent this sort of thing and that's one of the main downsides to crypto. It turns out banks don't.