St. Catharines Hydro has fallen victim to cyber fraud after more than $655,000 was removed from one of its accounts.
Niagara Regional Police are investigating following the discovery earlier this month.
The Hydro board says it appears to be a phishing incident.
Phishing is when criminals try to obtain financial and password information by sending an email that looks like it is from a legitimate organization but contains a link to
a fake website.
The board has appointed Mark Steinman, a member of the board, to oversee the investigation and the utility’s operations.
Steinman joined the board in 2014 and holds a master’s degree in Business Administration.
He has experience in both operational and financial aspects of business, with expertise in banking and treasury, audits, and financing.
In addition to Steinman’s appointment, the board has also hired KPMG to conduct an investigation into the breakdown in processes which allowed the utility to become a victim of fraud.
This investigation is in addition to the efforts of the NRP and will begin immediately.