Email phishing scam leads to loss of US $9.5 million

Phishing AttackEvery single one of us who is using the internet which includes viewing e-mails should be aware of the danger of being victim in a phishing attack. It unfortunately happens all the time out there on the World Wide Web, meaning that you or your company potentially could be the next victim in the next big phishing attack.

The latest news about phishing attacks lead us to MacEwan University in Edmonton, Alberta that has confirmed that it lost 11.8 million Canadian dollars (US $9.5 million) after falling victim to a phishing attack.

According to a statement the university I Edmonton changed electronic banking information after a series of fraudulent emails that convinced the staff that they had to change this information. Because of this $9.5 million was transferred to an account that staff believed belonged to one of the institution´s major vendors.

Most of the funds from the big phishing attack can be traced to accounts in Canada and Hong Kong.

“These funds have been frozen and the university is working with legal counsel in Montreal, London and Hong Kong to pursue civil action to recover the money,” the university said in a statement. “The status of the balance of the funds is unknown at this time.”