Most of the money stolen in cyber attack on Floyd County Schools recovered

June 9, 2022–8:47 p.m.

FLOYD COUNTY POLICE NEWS RELEASE

The Floyd County Police is proud to announce the recovery of $189,334.35 that was stolen from the Floyd County Schools.

Immediately following the report of the theft of $194,672.76 on June 7 by Floyd County Schools Superintendent, Dr. Glenn White, it was discovered the school system had fallen victim to a business email compromise.

Soon after taking the report, the Criminal Investigation Division immediately began an investigation and obtained court documents to “follow the money.”

It was discovered that the funds were transferred to Lakeside National Bank, located in Texas, and had moved between accounts.

The full cooperation of Lakeside National Bank, which had already noticed suspicious activity in an account and put safeguards in place, aided greatly in the recovery of the funds.

Any case involving the wired transfer of funds is difficult to solve and time is of the essence.

Without Dr. White’s immediate actions to report the crime, the bank account that was seized by the Floyd
County Police could have been depleted.

As the investigation continues, and with the continued assistance of Lakeside National Bank, the investigation could lead to the recovery of the remaining $5,338.41.

The Floyd County School System issued the following statement Thursday evening:

Floyd County Schools has been able to recover the funds stolen from an outside source as the result of a recent spearphishing incident. We are extremely grateful for the assistance of the Floyd County Police Department, Chief Mark Wallace, and Major Jeff Jones as well as Lakeside National Bank during this cyber security investigation and recovery.

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