Waterloo Brewing Ltd. announced that it has been subject to a “social engineering cyberattack by a sophisticated third party” that resulted in a wire transfer of the company’s funds to a fraudulent third party account.
The incident occurred in early November and involved creditor employee impersonation and fraudulent wire transfer requests to the tune of $2.1 million.
Upon becoming aware of the incident this week, the company initiated an analysis of all other transaction activity across all bank accounts of the Company, as well as a review of its internal systems and controls, including its computer networks.
Waterloo Brewing does not believe that its systems were breached or that any personal information of its customers is at risk.
The company has notified the appropriate authorities including local police services, the Financial Transactions and Reports Analysis Centre of Canada and the United States’ Finance Crimes and Enforcement Network.
To date, Waterloo Brewing has not recovered any of the approximately $2.1 million wired to the fraudulent third-party account.
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