Gangs of cyber criminals who have been attacking big business have now set their sights on public schools and colleges. On October 17th, hackers broke into the Stanford school district and initiated fake money transfers from the schools payroll accounts. The thieves kept the amounts below $10,000 in order to avoid detection by the banks. By the time the staff caught on two days later they had already lost $177,000.
Stanford was not the only school to report thefts like this. The Sand Springs, Oklahoma school district has also been attacked, as well as Marian University, a Catholic university in Fond du Lac, Wisconsin. Each establishment had close to $200,000 stolen from it. All three schools were able to detect the fraudulent transfers soon enough to reverse some of the damage, however the only school able to have its losses completely recovered was Sand Springs. …Read More →