This post is on the City of Mobile Alabama losing $14.7 million in a fraudulent wire transfer. However, it could be the same with an individual too if the financial institution fails to do any verification of the transaction. The clickable media story under this post reveals that the City of Mobile will no longer wire any payments if there are two commas in the amount. It must be a check hand–delivered.
Cybercrime Prevention Trainer @ CyberSecure Mindset | Retired FBI Agent
🚨 $14.7 MILLION. ONE WIRE TRANSFER.
The City of Mobile, Alabama, recently lost $14.7 million in a fraudulent wire transfer connected to a construction project.
After decades in the Federal Bureau of Investigation (FBI) FBI investigating cybercrime, stories like this still frustrate me.
We don’t know exactly how this happened, but here’s a scenario I’ve seen far too many times.
A criminal compromises a trusted vendor’s email account.
An email arrives: “Hey, we’ve changed banks. Please send our next payment to this account.”
And boom goes the dynamite. This line and the idea for this story is fro Darren Mott, FBI Special Agent (Ret.), “The CyBUr Guy”
Here’s what businesses need to understand.
You might have the best cybersecurity technology in the world. But what about your vendors and trusted third parties?
And even if your bank calls to confirm the wire transfer, here’s the real question:
Did anyone independently verify the new banking instructions?
This isn’t just an information security problem. It’s a financial risk management problem.
That’s why I teach Pause. Separate. Verify. Confirm.
Pick up the phone. Call a previously trusted number. Verify the change BEFORE moving the money.
Your vendor might get annoyed.
I’d rather have an annoyed vendor than explain where $14.7 million went.
💡 The target isn’t the inbox. The target is the transaction.
#CyberSecureMindset #BusinessEmailCompromise #FinancialFraud
CyberSecure Mindset
Mark Bruns Vladimir S. Timothy De Block Don B. Roger Brotz Aleah Menefee
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