Canadian University loses $11.8M in Phishing Scam

MacEwan University has announced it was the victim of a phishing attack in late August. "A series of fraudulent emails convinced university staff to change electronic banking information for one of the university's major vendors. The fraud resulted in the transfer of $11.8 million canadian dollars (13.4Million NZD) to a bank account that staff believed belonged to the vendor." The majority of the money has been traced to accounts in Canada and Hong Kong where civil proceedings are underway to attempt to recover it. The article (http://www.macewan.ca/wcm/MacEwanNews/PHISHING_ATTACK) goes on to say that they have identified that controls on the changing of banking information was inadequate and have implemented changes in that area.