MPS bank impersonation scam, $450K initially lost

Milwaukee Public Schools lost hundreds of thousands of dollars in a bank impersonation scam, the district announced Tuesday.Bank impersonation fraudAccording to a message sent to MPS finance team members, the district became aware that it was the victim of bank impersonation fraud and notified authorities on Monday. The district initially lost $450,000 in the scam, but recovered $255,000 and is working to recover the remaining $195,000. The district also said it is implementing "short-term and long-term controls to protect the district's finances."FREE DOWNLOAD: Get breaking news alerts in the FOX LOCAL Mobile app for iOS or AndroidMPS released a list of best practices, but did not elaborate on what the "short-term and long-term controls" include. Details of the fraud – such as how and when it happened – have not been released.In a statement, MPS Superintendent Brenda Cassellius said:"This is a sobering reminder of the sophisticated financial scams that occur every day across the count