The Southern Oregon University thought it had paid nearly two million US dollars to a contractor for a major construction project, but the money ended up in the pockets of scammers.
The university thought they had received with an authentic invoice from the construction company they were dealing with. Initially, the email didn’t set off any alarm bells as the university were planning the construction project, Security.nl writes. The money was wired to a bank account under the control of fraudsters. The university has started an investigation and is looking at ways to recover the money.
This type of email scam also occurs in the Netherlands. Fraudsters use social engineering and email spoofing to commit this type of fraud. They may collect information about the business relationship between a cleaning company and its clients, for example. Once they have this information, they can use it to send out personalized emails that look very authentic.