Money transfer firm Xoom suffers $30.8m fraud

Money transfer firm Xoom suffers $30.8m fraud

Online money transfer provider Xoom says it has been hit by fraudsters who sent $30.8 million in corporate cash to overseas accounts.

The company, which lets America-based customers send remittances overseas, revealed the fraud in an SEC filing, confirming that it will take a one-time charge of $30.8 million in its fourth quarter of 2014.

Xoom says the fraud involved "employee impersonation and fraudulent requests targeting the Company’s finance department" but believes that no customer data was involved and that its systems were not impacted.

An independent investigation is underway and federal law enforcement authorities have been notified.

In its filing, the company also says that chief financial officer Matt Hibbard has resigned but that this is "not the result of any disagreement or dispute".

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