UCC recovers most of €35k payment after email scam

University College Cork managed to recover almost all of a €35,000 payment that had been fraudulently diverted by hackers, new documents have shown.

Its fraud review panel conducted a full review of the situation and reported it to An Garda Síochána, according to the university’s financial statements for 2024 that have been laid before the Oireachtas.

“UCC strengthened its finance controls through additional bank detail verification procedures,” it said.

In its financial statements, it noted that the university recorded a surplus of €6.8m in 2024 after implementing a number of measures to address the significant deficit of €8.6m which had been recorded a year before.

The documents also record the fraud incident related to the UCC Tyndall Institute and an industry partner in the Netherlands, which were targeted during the 2024/25 financial year.

“A third-party hacker infiltrated the email system of the industry partner,” it said. “UCC received a fraudulent request to amend the recipient’s bank details to divert €35,000 of research which was being transferred.

“Once the matter was identified, immediate action by UCC Finance and IT services cancelled payments, identified the system which had been compromised in the industry partner, and enabled recovery of all but €400 through a bank recall.” 

UCC said gardaí were made aware of the case while it strengthened its finance controls in the wake of this incident.

The university said it was satisfied that it has implemented adequate ICT security measures in the wake of previous reports into its capacity in this area.

It said its priority in the next few years includes building organisational resilience to the threat of cyber attacks, with workshops scheduled for last year with different business units.

In its wider review of the financial year, UCC noted that 2024 was a “challenging but successful year financially”.

“The university implemented a comprehensive deficit reduction plan, Project Alpha, to address the deficit the deficit that arose in 2023,” it said. 

“The objective of the response plan was to return a surplus position for the financial year to September 30, 2024, and position UCC to be financially sustainable on an underlying basis thereafter.

“Project Alpha, together with other financial benefits, has led to the surplus. Total income of €531.9m constituted a €52.3m (11%) increase on prior year.” 

It added that an independent report on its economic impact highlighted that one in every 13 jobs in Cork city and county is supported by UCC, while it provides a return of €6 for every €1 of State investment.

It is also continuing to implement recommendations on foot of a review of its deficit in 2023.

“The adequacy of the university’s control environment and internal controls remains under constant review,” it added.