The email didn ’ t just seem innocent , it also seemed familiar to the accounts payable employee at MacEwan University in Edmonton . It was from one of the local construction firms the public institution deals with , logo and all . There was new bank account information —could accounts payable please change it ? The staff and this supposed vendor communicated back and forth , from late June until a few weeks ago , in early August . One university employee was involved in this correspondence at first ; two more were added . Then vendor payments went through , as scheduled : $ 1.9 million from MacEwan accounts on August 10 . Another $ 22,000 were transferred seven days later . Finally , $ 9.9 million went to this new bank account on August 19 , a Saturday . Wednesday morning , for the first time in this episode , came a phone call . The Edmonton-area vendor wanted to know why it never got its payments . The massive fraud had already been perpetrated , $ 11.8 million winding its way into a TD bank account in Montreal and much of it then wired overseas , a university spokesman says . Investigators have traced $ 11.4 million of the money and frozen the suspect accounts in Quebec and Hong Kong . The school is pursuing civil legal action to recover the money . “ The status of the balance of the funds is unknown at the time , ” a MacEwan statement said about the other $ 400,000 . There ’ s likely not a person reading this online who hasn ’ t received a phishing attack Attack.Phishing , in which someone pretending to be Attack.Phishing a bank sends Attack.Phishing an email or text message , hoping to trick Attack.Phishing you into enter or re-enter account information or a credit card number . What hit MacEwan was a spear phishing attack Attack.Phishing , in which scammers impersonate Attack.Phishing a client or associate of the individual . In this case , the fraudster had cut-and-pasted the actual vendor ’ s logo , MacEwan spokesman David Beharry said . A phishing attacker will often cast several lures Attack.Phishing ; in this case , investigators said 14 different Edmonton-area construction sites or firms were impersonated Attack.Phishing as part of this attempt . The successful trick Attack.Phishing led to financial transfers equivalent to more than five per cent of the publicly funded school ’ s 2016 operating budget , according to records . This inflicted vastly more damage than the last well-documented online scam to successfully target an Alberta post-secondary school : last year , University of Calgary paid Attack.Ransom $ 20,000 in what ’ s known as a ransomware attack Attack.Ransom , in which cyberattackers manage to lock or encrypt network data until the victim pays up Attack.Ransom . While MacEwan is confident it can recoup the amounts already frozen , it will also incur legal fees on three continents as it tries to do so , Beharry says . Edmonton ’ s second-largest university knew enough about this problem to launch its own phishing awareness campaign last school year for staff and students , posters and all . Now , the school itself will become a cautionary tale about the perils and pratfalls of spear phishing cyberattacks Attack.Phishing . With this ugly incident , MacEwan University becomes a cautionary tale of another sort : financial controls . These were not high-level employees ensnared by this phishing attack Attack.Phishing , the school spokesman says , though he did not identify them or clarify how the three employees were involved . From now on , one fraud and $ 11.8 million later , such vendor banking information changes will need to go through a second and third level of approval at MacEwan before the final clicks or keystrokes occur .