Saskatoon files claim to recover more than $1 million lost to fraud scheme

Saskatoon files claim to recover more than $1 million lost to fraud scheme | Insurance Business

Saskatoon files claim to recover more than $1 million lost to fraud scheme

A spokesperson for the city of Saskatoon has revealed that the municipality has filed a claim to its insurer to recover the $1.04 million it lost in a fraud scheme.

Local police and banks are also working with the city to recover the cash.

“The fraudsters are becoming more and more sophisticated all the time,” Saskatoon police spokesperson Alyson Edwards told CTV News.

Although Edwards was unable to elaborate on the investigation in rooting out the fraudsters, the representative did confirm that officers are working with other victims of scams to see if there are any common factors.

“You want to look at whatever evidence we have, compare it to whatever other cities have experienced and see if there are any similarities.”

Jon Coller, the chief information security officer of the University of Saskatchewan, believes that it is not impossible to recover the stolen cash – but also told CTV News in an interview that the money has to still be in a bank, and that the victim has to act fast before the cash is moved too far.

The city issued a statement last week saying that attempting to recover the money could be a difficult challenge.

“There is no guarantee that any of the funds can be recovered or will be recovered,” city manager Jeff Jorgenson told reporters.

“What I can say is we’re doing everything we can do recover as much funding as we possibly can.”