Scott County Schools recovers $3.7 million lost in fraud scam

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SCOTT COUNTY, Ky. (WTVQ) – Last week Scott County Schools announced it lost $3.7 million in a wire fraud scam. On Tuesday, the district announced it got it all back.

The district says it received a notification from one of their vendors, saying they didn’t receive payment of a recent invoice. An investigation determined it was actually a fraudulent email disguised as the vendor account.

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“The full amount of $3,704,338.76 has been returned to Scott County Schools. With the recovery of the money, we will not need to make an insurance claim,” Scott County Schools said in a statement Tuesday.

The district also said an internal investigation confirmed district staff followed normal procedures, but that it will institute additional precautionary measures to prevent the possibility of future wire fraud.

The FBI is continuing its investigation.