School district’s bank accounts hacked for $3 million

A New York state school district suffered a significant loss just days before Christmas. The Duanesberg Central School District discovered unauthorized transfers from it’s bank accounts to the tune of $3 million.

Ted Drake (Flickr)

The authorities investigating the case do not believe it was an inside job. “A lot of this activity is a part of organized crime so it’s not always individual hackers” stated business professor Sanjay Goel. It is not uncommon for hackers to have sophisticated software that can scan millions of computers in a short period of time.

The school could have been the victim of  “spear phishing”. This method of hacking uses e-mails that appear to be real. They often include requests for usernames and passwords. If you respond, you put yourself at risk for identity theft. Working with overseas financial institutions, the school has recovered $2.5 million. Be careful about providing identifying information online and to unknown persons or institutions.

For more about hacking, see:  http://askthejudge.info/can-i-get-into-trouble-if-i-hack-into-a-schools-computer-system/2420/