Town of Yarrow Point lost $50,000 due to wire fraud

Yes! you heard that right, the town lost $50,000 of Yarrow Point’s taxpayers money in August 2017. This was announced during the Thursday September 14th Town Council meeting but with very little details. Apparently, somebody sent a fake emails from the Mayor’s account that triggered two wire transfers. The Town is trying to recover some money via insurance. I’m working on getting some more information about this topic and will post it here as soon as I have them.

I have a background in IT-security and I know there are plenty of others with strong background in IT-security in Yarrow Point. And I’m sure that there are plenty of residents that would like to know what happened. If anybody would like to join me in doing an independent review of this incident, let me know. We should be able to get access to all public records surrounding this incident from the Town. I think it would be valuable to really look into how this could happen and make sure the town is taking necessary actions to prevent it in the future. email me (stephan.lagerholm@yahoo.com) or submit a comment on this post.

4 thoughts on “Town of Yarrow Point lost $50,000 due to wire fraud”

  1. I have had a 4 decade career in IT including 30 years with Accenture where I ended my service as their CIO in 2004. I was the CIO at Seattle U until I retired in 2016. In both cases, information security was part of my responsibility.

    I am willing to join you in an independent review of the incident.

        1. I requested the info, the Mayor called me today asking for some patience as they are working with the Police as well as the Insurance company. The immediate issue is resolved as they have closed down the ability to wire transfer. I think that sounds reasonable. I will get back once I hear from them, the 25th is probably a likely date.

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