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After cyber fraud alert, LaSalle trustees authorize new transfer procedure and an additional signer
Summary
Following a cybersecurity briefing by the county's investment manager, the trust approved a new protocol in which municipal clients initiate cash transfers and authorized Julie Harris as an additional signer; trustees also amended the approval to require the treasurer'office be involved as an extra safeguard.
County investment staff briefed the LaSalle County Insurance Trust about a recent increase in attempted cyber fraud and recommended tighter procedures for moving trust funds. Presenters described cases in which malicious actors successfully mimicked client communications and said the recommended safeguard is to have the municipality itself initiate online cash moves from its account rather than direct the manager to push…
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