Fraud of the Week

Funds Transfer Fraud – Illinois

Amount – $6.85 million

A nonprofit agency that works with the insurance department in dealing with troubled and insolvent insurers was hacked, with hackers taking over the chief financial officer's email account and directing employees to divert funds to the hackers' accounts. The emails made it look like the directions were coming from approval of the employee's superiors. Some of the transfers were blocked when the breach was discovered and the bank was called to stop the wire transfers.