Cape Cod Community School Loses $807K in Phishing Attack

Cape Cod School Loses Close to $1M in Malicious Email Scam

This year ended poorly for Cape Cod Community School when they fell victim to a phishing attack.  An email was distributed throughout the school that was disguised as content from another educational institution.  It was because of how the email was disguised, that staff didn’t question it.  Upon opening, the malware spread throughout the school’s network, specifically targeting its financial systems.  Although the malware was eventually caught, it was far too late.  A total of nine fraudulent wire transfers had already taken place, transferring over $807,000 to a TD Bank account.

Thus far, the school has been able to recover approximately $278,000 of the stolen funds, and are still working to regain the remaining amount.  The exact malware variant used is unknown, but the school officials did state it bypassed their standard antivirus protection.  In an attempt to avoid future attacks, Cape Cod Community School staff will be taking part in cyber security training, and the school is investing in next-gen antivirus protection.

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7 thoughts on “Cape Cod Community School Loses $807K in Phishing Attack

  1. What kind of a school has that kind of money? I worked in the public school system and we were lucky to have an extra $87!

  2. All wire transfers have to go to a BANK. (In a country and in an exact location.)
    It’s obvious WHO owns the bank account.
    The bank has names and addresses and photo ID’s.
    Why don’t we see Black Op’s/ Navy Seals/ or Local Police / in helicopters ascending on those places ?
    It’s the same as an Armed Robbery.

  3. How many people were fired over this? This is ludicrous and should be dealt with immediately. They were unconcerned because it was not their money, it was “the schools” so who cares?

  4. Questions…

    1. “disguised as content from another educational institution” With that kind of money, did nobody think to ring this institution and check?

    2. “An email was distributed throughout the school …” HOW?

    3. ” Upon opening, the malware spread throughout the school’s network.” Was that by clicking on a link in the email ?
    4..”A total of nine fraudulent wire transfers had already taken place” By who and what authority ?

    5. How many people at this school are authorized to transfer an average of $90,000 each.

    Sounds to me like very sloppy IT procedures, and was a theft just waiting to happen. Obviously too many people have the ability to transfer money with no higher up approval. That is the first thing to be fixed.
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