Follow-up: Insurance will cover most of school district's loss to fraud
TETON VALLEY IDAHO – Teton School District’s insurance carrier, Idaho Counties Risk Management Program, is covering the financial net loss of funds from the fraud discovered in December, according to an announcement by Superintendent of Schools Monte Woolstenhulme at Monday night’s board meeting in Driggs.
The amount has yet to be confirmed but will include nearly $300,000 of the original loss plus some of the expense of the cybersecurity investigation, Woolstenhulme assured. The district will be assessed a $500 deductible.
As announced in January, the district has already recovered $484,332.66 of the original amount of $784,000 fraudulently transferred. The FBI, ICRMP and financial institutions all investigated the matter.
Woolstenhulme said the FBI has not answered any questions on its investigation.
Read more: https://buckrail.com/insurance-will-cover-most-of-school-districts-loss-to-fraud/
Earlier thread:
Idaho schools recover a portion of fraudulent online payment
https://www.democraticunderground.com/1048762
