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N.H. community college system scammed for $130G

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CONCORD, N.H. - The Community College System of New Hampshire announced on Monday that system had been the victim of an incident of wire fraud.
"While we are actively engaged in mitigating the incident, we felt it was important to share this news in order to warn other organizations about this business email compromise scheme targeting colleges and universities, and potentially any entity operating in a public bidding environment," a press release stated.
The released said that earlier this month they had been contacted by an entity representing to be an existing vendor, to whom they make regular progress payments on an ongoing project.
The vendor's practice had been to be paid by a hard copy check, but a communication requested to transition to electronic funds transfer via the Automated Clearing House (ACH).
The request was accompanied by what appeared to be proper, complete and authentic documentation. The ACH transaction was processed, however, they later learned that the ACH instruction had been fraudulent and the funds did not go to the vendor as intended.
The amount of the fraudulent payment was $130,000.
The press release further noted that it had been learned that this scheme to defraud colleges and universities had been identified by law enforcement in the Boston area as well.
The community college system said they had gone public to caution other entities that may have similar vulnerabilities.
They also said the incident was limited in scope and did not involve any private records.
"While we are taking immediate steps to resolve this particular incident, we also will use this as an opportunity to review our procedures to determine what additional safeguards should be adopted to reduce risks related to this and other evolving threats," the press release said.

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