Attorney General warning businesses of wire transfer scam
PIERRE, S.D. (AP) - Attorney General Marty Jackley is warning businesses to be wary of a fraudulent wire transfer scam.
The scam targeted a South Dakota company with an email exchange that appeared to be within the company's own network, and ended with an attempted fraudulent wire transfer. The company's corporate controller received an email from what was believed to be the company's chief financial officer.
The email contained an email chain showing a conversation authorizing a wire transfer from the chief executive officer to the chief financial officer. A fraudulent domain name just slightly different from the legitimate domain name was used.
Internal company procedures prevented the wire transfer.
Jackley says individuals can no longer assume that emails are completely safe and extra precautions should be used with significant financial transactions.