Fraudulent emails made staff at MacEwan University that one of its customers was replacing its bank account details. Staff then paid bills into the fraudulently generated account.
The university, in Edmonton, Alberta, is reviewing its industry practices.
Police have investigated most of the money to accounts in Hong Kong and Montreal, but no records have been laid.
The scam appeared to light during the real client accused of non-payment.
“There is never more a good time for something like this to occur,” University spokesperson David Beharry told in a report.
“As our students come back to start the new academic year, we want to assure them and the community that our IT systems were not compromised during this incident.”
Phishing is a popular type of internet scam where scammers send emails that seem to be from a legitimate company, enticing people to give up private information.
Mr. Beharry also told the university was operating to ensure that this scam would not affect future educational or business operations.
An in-house review is required to make suggestions on ways the school can prevent this from occurring again.
A preceding audit found that rules around changing business information were “poor” and staff missed a plenty of opportunities to recognize the fraud.
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