Cabarrus County’s $2.5M Problem
How a social engineering fraud tricked someone at Cabarrus County into making a costly mistake, and how they shored up their processes and invested in automation to start sleeping better at night.
Vendor Email Compromise. Business Email Compromise. Vendor Impersonation.
They all are stepping stones to a social engineering scam designed to trick someone on your staff into changing vendor bank account details.
Cabarrus County learned this lesson the hard way when they fell victim to a $2.5M scam.
Although nearly 71% of organizations reported being targeted for these types of scams in 2021, it’s very rare that a victim will share the details so that others may learn. This case study is a rare glimpse into the operational and emotional toll this event had on the employees of the county.
In this case study key members of the affected team walk us through:
- The event and the aftermath – exactly how they were tricked and what resulted
- What immediate steps they took to mitigate further risk and the new problems these controls created
- How finding a partner and refining their process eliminated their risk of further financial losses (and how they now all sleep better at night!)
Clip from August 25, 2021 Nacha Smarter Faster Payments Conference
Download the Report
"*" indicates required fields
