Community College System Recovers Funds Lost to Wire Fraud

Community College System Recovers Funds Lost to Wire Fraud

For Immediate Release

Nov. 22, 2016

 

Community College System Recovers Funds Lost to Wire Fraud

 

Concord, NH - In late October, the Community College System of New Hampshire  (CCSNH) announced it had been the victim of theft involving an incident of fraudulent electronic fund transfer in which an entity falsely representing an existing vendor requested electronic fund transfer via Automated Clearing House (ACH).  Last week, CCSNH recovered nearly the full amount of the loss, working with its bank. 

CCSNH recovered $124,000 of the total amount, which was approximately $130,000. The system has also moved swiftly to develop new training and security practices to guard against these types of cyber crimes. 

During CCSNH’s early investigation of this incident, system officials learned that other colleges and universities in the New England region had been targeted with a similar scheme.  CCSNH announced the incident in the hope that the disclosure would help to put other entities on guard against this type of approach.

“We are pleased to have recovered these funds working with our financial institution,” said CCSNH Associate Vice Chancellor of Finance and Strategic Planning, Charles Ansell.  “The incident also served as a clear reminder of the need to ensure we are doing everything we can to protect against fraudulent schemes that continue to evolve.”

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