Beware of Wire Transfer Fraud via Spoofed Emails
Attempts at cyber wire fraud have been increasing globally, but the latest surge is targeting Municipalities. City and Town Treasurers all over the United States have been the target of an elaborate wire fraud scheme. Spoofed emails from “Town Administrators” have been sent, requesting payment to a specific vendor for “Professional Services” via an immediate wire transfer. While this request may raise a red flag for some, unfortunately, others have fallen victim and completed the fraudulent wire transfer.
How can you protect your community from becoming the next wire fraud victim? Simply knowing and understanding your position may stop the Fraud before it can even start. The intended target has almost always been the Treasurer, likely due to a Treasurer being associated with money. However, most Municipalities require any wire transfers to be first put on a warrant and approved by the Accountant prior to the transfer being made. Additionally, verifying the request via phone call or in person rather than responding to the email it always best.
Being observant and vigilant will save your Community from a lot of unnecessary headaches!