North Carolina county falls for BEC scam, to the tune of $1,728,083

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The North Carolina county of Cabarrus, in the US, says that it’s managed to claw back only some of the $2,504,601 it paid to a scammer posing as a contractor working on building a new high school.

The crooks used social engineering – specifically, what’s known as a Business Email Compromise (BEC) scam – to pose as Branch and Associates, which is a general contractor that’s working on building a new school for the Cabarrus County Schools District.

The scam came to light after Branch and Associates sent a courtesy notice about a missed payment on 8 January. County staff confirmed that the electronic funds transfer (EFT) had, in fact, cleared the month before.

County officials next notified the bank to which the $2.5m was transferred, Bank of America. The bank managed to freeze $776,518.40 of the $2,504,601 that remained in traceable accounts.

Continue reading on Naked Security.


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Cabarrus County hires consultant to help train, protect future assets after scammed out of millions

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CONCORD – Social engineering and phishing scams are becoming more prevalent among companies and organizations.

The Cabarrus County Government disclosed Monday night that they are still missing more than $1.7 million after a social engineering scam diverted a $2.5 million vendor payment made by the county.

To protect their future assets, the county hired Oklahoma-based accounts payable consultant Debra Richardson to train staff and redesign its vendor processes and review vendor files.

She consults, trains, provides tips and gives directions to accounts payable teams on how to avoid sending out a fraudulent payment.

Read the rest of the Chicago Tribune article here


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How I Helped Cabarrus County After Their Social Engineering Scam. I Can Help You Too...

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Great mention of my services: "Cabarrus County government targeted in social engineering scam" - Business Today http://bit.ly/2YvzSPC


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Use authentication techniques, internal controls and best practices in Vendor Setup & Maintenance to protect your vendor master file from fraud.