An Irish technological university has been the victim of a €98,500 online scam concerning a fraudulent email that resulted in a legitimate payment to a supplier going to a rogue bank account.

That is according to the 2024 annual report for the Technological University of the Shannon (TUS), which was formed in 2021 following the merger of Limerick Institute of Technology and Athlone Institute of Technology.

In the report, the scam – which was reported by TUS to gardaí and the Higher Education Authority (HEA) – draws the attention of the Comptroller and Auditor General (C&AG) Seamus McCarthy who reported that TUS received a legitimate invoice for services to the value of €98,500 from a supplier in August 2024.

He states that a fraudulent email – on 25 September 2024 – was subsequently received by TUS, directing a change in the bank details for payment of the invoice.

He said that the University paid the full invoiced amount to the bank account indicated in the fraudulent email, without checking independently with the supplier that the bank account details were correct, as required by the University’s control system.

He said that TUS has stated that it has reached agreement with the supplier on a 50:50 sharing of the amount of the loss.

TUS stated that in response to the online scam that it has “reviewed and enhanced internal controls and provided a cyber fraud training workshop to finance staff”.

The annual report states that the matter was reported internally to the Governing Body amongst others and externally to An Garda Síochána, the HEA and the office of the C&AG as part of the annual audit process.

TUS last year recorded a surplus before tax of €6.06m as the spend by TUS last year increased from €205.96m to €229m with staff costs being the main driver behind the increase rising from €117.59m to €127.99m.

TUS have the naming rights to the Gaelic Grounds stadium in Co Limerick, and the annual report shows that the spend on PR and marketing fees last year totalled €392,000 – down from €472,000 in 2023.

The legal costs for TUS last year increased from €31,000 to €254,000.

Numbers employed increased from 1,564 to 1,606 while numbers earning over €100,000 increased from 226 to 363.

The report shows that TUS President Professor Vincent Cunnane received a salary of €205,000 in 2024.

Two other members of staff received pay of between €170,000 and €180,000 while one member of staff received a salary between €150,000 and €160,000.

Five staff members received between €140,000 and 150,000 while 40 received a salary between €120,000 and €140,000.

A further 63 received pay of between €110,000 and €120,000.

While 251 received pay of between €100,000 and €110,000.

Chairperson of the Governing Body of TUS Josephine Feehily said in her report that 2024 was the third year of operation in “a year of remarkable achievement and growth, including the opening of a new campus at Coonagh in Limerick”.

“Throughout the period of this report, TUS has continued to develop its position as a transformative force for education, research, and regional development,” Ms Feehily said.

“Our research activities have flourished, with significant increases in research funding, publications, and collaborations,” Prof Cunnane said in his report on 2024.

He added: “The establishment of new research centres and the strengthening of existing ones have enhanced our capacity to address real-world challenges and contribute to innovation across multiple sectors”.

Article Source – Irish university loses almost €100,000 over scam email

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