Cyber theft – What is it and how to prevent it?

In one single transaction, the City of Saskatoon was scammed out of $1.04 million of taxpayers’ money. On August 15, 2019, it was revealed that the City of Saskatoon had fell victim to an online fraud scheme. A fraudster posing as the CFO of a local construction company, a regular supplier of the City, requested for a change in the company’s banking information. The City complied, and consequently the next contract payment of $1.04 million was transferred to the fraudster’s bank account. Upon discovery of the scheme on August 12, 2019, the City contacted its internal auditors, the police and the banks in an attempt to recover the funds and to prevent any further attacks. However, there are no guarantees […]

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