Here is the link to the fall sports streaming schedule.
https://appstatesports.com/news/2023/8/ ... edule.aspx
https://appstatesports.com/news/2023/8/ ... edule.aspx
App State ripped off for $2M in Email Scam
- Gonzo
- Posts: 4894
- Joined: Mon Aug 27, 2012 2:11 pm
- School: Appalachian State
- Has thanked: 564 times
- Been thanked: 1975 times
-
- Posts: 6643
- Joined: Wed Nov 06, 2013 4:34 pm
- School: Appalachian State
- Location: Raleigh
- Has thanked: 3214 times
- Been thanked: 2805 times
Re: App State ripped off for $2M in Email Scam
Yikes. I feel truly bad for the employee who got tricked.
- yosef13
- Posts: 559
- Joined: Mon Dec 02, 2013 5:13 pm
- School: Appalachian State
- Has thanked: 5 times
- Been thanked: 302 times
Re: App State ripped off for $2M in Email Scam
“As a result of the quick action of Appalachian staff and the diligence of law enforcement, we expect to recover the vast majority of the stolen monies,” said Paul Forte, vice chancellor for business affairs.
The FBI executed a seizure warrant on the account on Dec. 27. To date, $1,542,442.33 — nearly 80 percent of the stolen funds — have been recovered by law enforcement officials, according to Hayes.
Close call.
The FBI executed a seizure warrant on the account on Dec. 27. To date, $1,542,442.33 — nearly 80 percent of the stolen funds — have been recovered by law enforcement officials, according to Hayes.
Close call.
-
- Posts: 5523
- Joined: Wed Mar 20, 2002 3:32 pm
- School: Appalachian State
- Has thanked: 93 times
- Been thanked: 770 times
- Contact:
Re: App State ripped off for $2M in Email Scam
You have to make sure you have double and triple checked everything before you push the button on a $2 mil wire transfer. This employee should consider themselves lucky if they have retained their job, regardless if the money has been recovered or not.
- Gonzo
- Posts: 4894
- Joined: Mon Aug 27, 2012 2:11 pm
- School: Appalachian State
- Has thanked: 564 times
- Been thanked: 1975 times
Re: App State ripped off for $2M in Email Scam
Wait, they kept their job? What gets you fired at ASU if losing two million dollars doesn't?bigCasu wrote:You have to make sure you have double and triple checked everything before you push the button on a $2 mil wire transfer. This employee should consider themselves lucky if they have retained their job, regardless if the money has been recovered or not.
- T-Dog
- Posts: 6566
- Joined: Mon Oct 23, 2006 11:35 pm
- Location: Boone, NC
- Has thanked: 204 times
- Been thanked: 2568 times
Re: App State ripped off for $2M in Email Scam
You can find more unicorns than fired public employees.Gonzo wrote:Wait, they kept their job? What gets you fired at ASU if losing two million dollars doesn't?bigCasu wrote:You have to make sure you have double and triple checked everything before you push the button on a $2 mil wire transfer. This employee should consider themselves lucky if they have retained their job, regardless if the money has been recovered or not.
-
- Posts: 2683
- Joined: Fri Oct 14, 2016 12:00 pm
- School: Appalachian State
- Has thanked: 1955 times
- Been thanked: 1553 times
Re: App State ripped off for $2M in Email Scam
I would say that it would depend on whether or not the employee followed the internal control procedures in place in the Controller's office, would determine if they are fired or not. If they didn't follow the procedures or were simply careless, and had been trained on the proper procedures, then they should be fired. If they were granted authority to perform wire transactions but were not trained on the proper internal control procedures, then whomever granted them the wire authorization rights should be fired. If the internal control procedures are lacking then a review should be completed. Wires over a certain amount should not be a single user function, one person should set up the wire and then a second person should be required to approve it before it's submitted which is all controlled by passwords and usually requiring a random number generating device, like a key fob, which are issued by the larger banks. It's difficult for governmental agencies to fire people so I doubt anything will be done unless it's proven the person was involved in the fraud.
- AtlAppMan
- Posts: 2045
- Joined: Fri Aug 10, 2012 3:23 pm
- School: Appalachian State
- Location: ATL
- Has thanked: 95 times
- Been thanked: 1280 times
- JTApps1
- Posts: 2320
- Joined: Thu Aug 09, 2012 9:18 am
- School: Appalachian State
- Location: Lake Wylie
- Has thanked: 469 times
- Been thanked: 805 times
Re: App State ripped off for $2M in Email Scam
I work for a government agency and we have had plenty of people let go over the years.Rick83 wrote:I would say that it would depend on whether or not the employee followed the internal control procedures in place in the Controller's office, would determine if they are fired or not. If they didn't follow the procedures or were simply careless, and had been trained on the proper procedures, then they should be fired. If they were granted authority to perform wire transactions but were not trained on the proper internal control procedures, then whomever granted them the wire authorization rights should be fired. If the internal control procedures are lacking then a review should be completed. Wires over a certain amount should not be a single user function, one person should set up the wire and then a second person should be required to approve it before it's submitted which is all controlled by passwords and usually requiring a random number generating device, like a key fob, which are issued by the larger banks. It's difficult for governmental agencies to fire people so I doubt anything will be done unless it's proven the person was involved in the fraud.
As for wires, we require double authorization for every wire transfer we make.
When will "It's better than what we had" no longer be good enough for App State?
-
- Posts: 2683
- Joined: Fri Oct 14, 2016 12:00 pm
- School: Appalachian State
- Has thanked: 1955 times
- Been thanked: 1553 times
Re: App State ripped off for $2M in Email Scam
Glad to hear that there's a government agency out there that's willing and able to terminate non-performers, I don't believe that's the normal practice of governmental institutions (especially at the federal and state levels) unless budget authorizations are cut and they're forced to eliminate positions. Didn't mean to offend government employees as there are tons of great, necessary and vital government workers but there's a stark difference between the private and public sectors. Also, glad to hear that you've got some internal controls on funds disbursement as all entities should, especially in today's world of cyber crime.JTApps1 wrote:I work for a government agency and we have had plenty of people let go over the years.Rick83 wrote:I would say that it would depend on whether or not the employee followed the internal control procedures in place in the Controller's office, would determine if they are fired or not. If they didn't follow the procedures or were simply careless, and had been trained on the proper procedures, then they should be fired. If they were granted authority to perform wire transactions but were not trained on the proper internal control procedures, then whomever granted them the wire authorization rights should be fired. If the internal control procedures are lacking then a review should be completed. Wires over a certain amount should not be a single user function, one person should set up the wire and then a second person should be required to approve it before it's submitted which is all controlled by passwords and usually requiring a random number generating device, like a key fob, which are issued by the larger banks. It's difficult for governmental agencies to fire people so I doubt anything will be done unless it's proven the person was involved in the fraud.
As for wires, we require double authorization for every wire transfer we make.
- Gonzo
- Posts: 4894
- Joined: Mon Aug 27, 2012 2:11 pm
- School: Appalachian State
- Has thanked: 564 times
- Been thanked: 1975 times
Re: App State ripped off for $2M in Email Scam
So....any word on the half a million bones that were still missing as of yesterday? They seem to be patting themselves on the back about their response a lot given the amount still missing.
I don't know the culpability of the one person who pressed send, but whether it's a procedure problem or a single human error, somebody ****ed up. They need to make overtures to alumni who can barely raise $500k in a fund raising campaign. I don't need anyone hung, drawn, and quartered necessarily, but do something to make me feel better about the check I write every year.
I don't know the culpability of the one person who pressed send, but whether it's a procedure problem or a single human error, somebody ****ed up. They need to make overtures to alumni who can barely raise $500k in a fund raising campaign. I don't need anyone hung, drawn, and quartered necessarily, but do something to make me feel better about the check I write every year.
- JTApps1
- Posts: 2320
- Joined: Thu Aug 09, 2012 9:18 am
- School: Appalachian State
- Location: Lake Wylie
- Has thanked: 469 times
- Been thanked: 805 times
Re: App State ripped off for $2M in Email Scam
No offense taken here. I just wanted people to know not all tax payer back operations are run that way. Of course we're an off-shoot of a city so its a little different.Rick83 wrote:Glad to hear that there's a government agency out there that's willing and able to terminate non-performers, I don't believe that's the normal practice of governmental institutions (especially at the federal and state levels) unless budget authorizations are cut and they're forced to eliminate positions. Didn't mean to offend government employees as there are tons of great, necessary and vital government workers but there's a stark difference between the private and public sectors. Also, glad to hear that you've got some internal controls on funds disbursement as all entities should, especially in today's world of cyber crime.JTApps1 wrote:I work for a government agency and we have had plenty of people let go over the years.Rick83 wrote:I would say that it would depend on whether or not the employee followed the internal control procedures in place in the Controller's office, would determine if they are fired or not. If they didn't follow the procedures or were simply careless, and had been trained on the proper procedures, then they should be fired. If they were granted authority to perform wire transactions but were not trained on the proper internal control procedures, then whomever granted them the wire authorization rights should be fired. If the internal control procedures are lacking then a review should be completed. Wires over a certain amount should not be a single user function, one person should set up the wire and then a second person should be required to approve it before it's submitted which is all controlled by passwords and usually requiring a random number generating device, like a key fob, which are issued by the larger banks. It's difficult for governmental agencies to fire people so I doubt anything will be done unless it's proven the person was involved in the fraud.
As for wires, we require double authorization for every wire transfer we make.
When will "It's better than what we had" no longer be good enough for App State?
-
- Posts: 4307
- Joined: Tue Sep 04, 2012 4:49 pm
- School: Appalachian State
- Has thanked: 1254 times
- Been thanked: 1377 times
Re: App State ripped off for $2M in Email Scam
So when you get instructions like that you don't pick up the phone and confirm? Email, texting, twitter etc. has turned many of us into idiots. PICK UP THE DAMN PHONE!
- Rekdiver
- Posts: 7557
- Joined: Mon Aug 13, 2012 1:14 pm
- School: Appalachian State
- Has thanked: 1440 times
- Been thanked: 3761 times
Re: App State ripped off for $2M in Email Scam
I haven't seen any "who" yet. North Koreans? Steve Bannon? Georgia Southern President? I take the last one back...not smart enough.
-
- Posts: 1396
- Joined: Sun Sep 28, 2014 2:07 pm
- School: Appalachian State
- Location: Boone
- Has thanked: 586 times
- Been thanked: 515 times
-
- Posts: 5523
- Joined: Wed Mar 20, 2002 3:32 pm
- School: Appalachian State
- Has thanked: 93 times
- Been thanked: 770 times
- Contact:
Re: App State ripped off for $2M in Email Scam
Pretty much my experiences when I worked in that industry. Generally, wires over a certain amount required additional authority from a higher-up at a financial institution. This example certainly falls under that category. Likely the employee delivered the wire instructions to the bank. Not the bankers fault for following the demands of their client.Rick83 wrote:I would say that it would depend on whether or not the employee followed the internal control procedures in place in the Controller's office, would determine if they are fired or not. If they didn't follow the procedures or were simply careless, and had been trained on the proper procedures, then they should be fired. If they were granted authority to perform wire transactions but were not trained on the proper internal control procedures, then whomever granted them the wire authorization rights should be fired. If the internal control procedures are lacking then a review should be completed. Wires over a certain amount should not be a single user function, one person should set up the wire and then a second person should be required to approve it before it's submitted which is all controlled by passwords and usually requiring a random number generating device, like a key fob, which are issued by the larger banks. It's difficult for governmental agencies to fire people so I doubt anything will be done unless it's proven the person was involved in the fraud.
-
- Posts: 5523
- Joined: Wed Mar 20, 2002 3:32 pm
- School: Appalachian State
- Has thanked: 93 times
- Been thanked: 770 times
- Contact:
Re: App State ripped off for $2M in Email Scam
That $460,000 was turned into an official/bank/cashiers check. That's the only way to track that instrument as those items are 99% of the time considered guaranteed funds. If the crook was smart he would have signed that document over to someone and hoped to receive some portion of the funds back in cash. He certainly cannot try and cash or deposit that check at this point in time.Gonzo wrote:So....any word on the half a million bones that were still missing as of yesterday? They seem to be patting themselves on the back about their response a lot given the amount still missing.
I don't know the culpability of the one person who pressed send, but whether it's a procedure problem or a single human error, somebody ****ed up. They need to make overtures to alumni who can barely raise $500k in a fund raising campaign. I don't need anyone hung, drawn, and quartered necessarily, but do something to make me feel better about the check I write every year.
-
- Posts: 1309
- Joined: Thu Aug 09, 2012 7:45 am
- School: Appalachian State
- Location: Catawba Valley
- Has thanked: 714 times
- Been thanked: 306 times
Re: App State ripped off for $2M in Email Scam
Has a suspect been identified? If not, he might be a she, or a person with a gender identity crisis. Just sayin.bigCasu wrote: That $460,000 was turned into an official/bank/cashiers check. That's the only way to track that instrument as those items are 99% of the time considered guaranteed funds. If the crook was smart he would have signed that document over to someone and hoped to receive some portion of the funds back in cash. He certainly cannot try and cash or deposit that check at this point in time.
-
- Posts: 1453
- Joined: Thu Aug 09, 2012 8:19 am
- School: Appalachian State
- Has thanked: 1256 times
- Been thanked: 504 times
Re: App State ripped off for $2M in Email Scam
A scam like this, the culprit could be on the other side of the world and likely never to be caught. The best the University can hope for is to recover the monies, which at some point a cost/benefit analysis will be needed. This is why it is so important to always double and triple check your work. I agree with C - the controls likely broke down at the University. Not the Bank.CVAPP wrote:Has a suspect been identified? If not, he might be a she, or a person with a gender identity crisis. Just sayin.bigCasu wrote: That $460,000 was turned into an official/bank/cashiers check. That's the only way to track that instrument as those items are 99% of the time considered guaranteed funds. If the crook was smart he would have signed that document over to someone and hoped to receive some portion of the funds back in cash. He certainly cannot try and cash or deposit that check at this point in time.
-
- Posts: 4307
- Joined: Tue Sep 04, 2012 4:49 pm
- School: Appalachian State
- Has thanked: 1254 times
- Been thanked: 1377 times