New Hampshire Town Loses $2.3 Million in BEC Scam

Dark Reading -

The town of Peterborough, N.H., was targeted in a business email compromise (BEC) scam that cost $2.3 million in losses, town officials reported today.

They learned of the attack on July 26, when it was discovered that ConVal School District had not received the $1.2 million monthly transfer from the town. An investigation revealed an email-based fraud. The Peterborough finance department ordered a stop to the transfer, but the funds had already left the town’s bank account.

IT department staff alerted the US Secret Service and cybersecurity consulting firm ATOM Group, and the US Secret Service Cyber Fraud Task Force began tracing the funds through transactions that converted them into cryptocurrency. Investigators found email exchanges between finance department employees and thieves posing as ConVal school district staff.

While this investigation was ongoing, the finance department learned of another scam: Two bank transfers meant to go to a contractor working on

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