$690,000 and $200,000. That's the dollar amount of fraud that just hit Gregg County, Texas.
$690,000 was the heist. $200,000 was the amount that could not get recovered and the County is left with the loss.
The culprit? A computer in the tax office became infected with Zeus, that nasty little trojan that steals online banking credentials.
The fix? They have restored back to paper deposits to avoid future cyber theft.
Quote from the Government Information Security Article:
"As long as I'm tax collector, we will never go back to sending out money electronically again," Mr. Kirk Shields, Gregg County's tax assessor and collector.
Schools, Municipalities, and Businesses are not protected under Regulation E, which protects consumers.
In Fall of 2010, Senator Charles Schumer, (D-NY) asked the Senate to consider a bill that would extend Reg E to protect schools and municipalities.
This still leaves businesses unprotected.
"ACH Fraud Hits Texas County", Government Information Security Articles, Linda McGlasson, December 15, 2010.