City of Burlington falls for $503,000phishing scheme

The city of Burlington says it has fallenvictim to a$503,000phishing scheme.

City staff received a "complex phishing email," requesting to changebanking information for an "established city vendor," the city said in a press release.

About $503,000 was transferredto a falsified bank account for the vendor on May 16, the city said.

After realizing the mistake on May 23,the city says it immediately notified theirbank and Halton Regional Police.They also put in "additional internal controls" to make sure it doesn't happen again.

"These types of targeted attacks are all too common and can take many forms," the city said in a press release.

"Governments and businesses are just as prone to scams as are individuals."

A criminal investigation is underway, the city says, and it has startedanindependent external investigationthatwill report back to council and the audit committee.

"We are taking this matter very seriously," said interim city managerTim Commisso in a statement.

The falsified documents had a "level of sophistication not typically seen," said Burlington MayorMarianne Meed Ward in a press release.

The city says its IT system was not compromised and no personal information was stolen or shared.

"A full review of our current processes will determine the need for other changes," the city said.

The mayor saidthis highlights how important it is to be vigilant and recognize the signs of online scams "and report them to the proper authorities."