The Fairfield-based Save the Children Federation acknowledged that it fell victim to a $1 million scam perpetrated by cybercriminals.
Save the Children was unable to stop the fund transfer after the fraud was discovered. Its insurance coverage allowed it recoup all but $112,000 of the stolen money. The incident came to light in a recent filing by the nonprofit with the Internal Revenue Service and was first reported by the Boston Globe.
“We have improved our security measures to help ensure this does not happen again,” said Stacy Brandom, chief financial officer of Save the Children Federation. “Fortunately, through insurance, we were ultimately reimbursed for most of the funds.”