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Nigerian web scam bilked Utah out of $2.5M

Discussion in 'News' started by wagnerk, Feb 15, 2009.

  1. wagnerk
    Highly Decorated Member Award

    wagnerk aka kitkatninja Moderator

    Nigerian web scam bilked Utah out of $2.5M

    Thieves apparently used a Nigerian-based scam to steal $2.5 million from the Utah treasury, covering their tracks by using intermediaries and a church address.

    A Salt Lake Tribune review of the names listed in a search warrant as receiving or transferring money have names of African origin or connections to that continent. Michael Kessler, president of Kessler International, a forensic accounting and investigation agency in New York City, said the thieves appear to have used a simple scam that originated in Nigeria about five years ago.

    The Utah theft is the first time he's seen a government victimized.

    "Their IT people should have known better," Kessler said after reviewing a copy of the search warrant Thursday. "It sounds like any kid could have done this."

    In one case investigated by Kessler's firm, thieves used computer software transmitted by e-mail to monitor financial information input by the chief financial officer of an Ohio insurance firm. Once they had the information, they diverted insurance payments to their bank account. About $1 million was stolen.

    Read the whole article here.

    Yeah, blame IT :rolleyes: It's funny as...

    ...it sounds like in another case they sited it's more to do with educating the end users with basic e-safety, eg do not open e-mail attachment from people you don't know, etc...

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    1. dmarsh
      Gee, an incompetent in finance ? Surely not ? :blink
    2. loneferret
      Way simpler to blame the IT guy then to educate 50 year old secrataries, or lazy CEOs.
    3. zebulebu
      All well and good for this Kessler fool to state that 'their IT people should have known better' - but what exactly is he talking about? As far as I can see this is a simple variation of a drop-shipping scam - which is near impossible to prevent by technological methods. You can't legislate against human greed or stupidity.

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