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Wire Transfer Scam Targets KELOLAND

March 27, 2014, 11:30 AM by Angela Kennecke

PIERRE, SD -

South Dakota businesses are being warned to be on alert for a wire transfer scam.  

Attorney General Marty Jackley says one business was targeted through an email exchange that appeared to be within the company’s own network and ended with an attempted fraudulent wire transfer.

In this particular incident, 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, which showed a conversation authorizing a wire transfer from the chief executive officer to the chief financial officer. The email instructed the corporate controller to wire a significant dollar amount to the chief financial officer. Internal company procedures prevented the wire transfer, but a fraudulent domain name slightly different from the legitimate domain name was used.

"The most common money wiring scams typically involve one individual or company wiring money to an unknown scammer. This case was unusual because it appeared that the email exchange was amongst those from the same company," Jackley said.

Jackley urges companies to review their policies and procedures surrounding the use of wire transfers.

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