Fraudulent wire transfer request costs Waterloo Brewing $2.1 million

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Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

Kitchener (November 22, 2019) – Waterloo Brewing recognized this week that it became a victim of a ‘social-engineering Cyberattack’ earlier this month. A scammer tricked the company in wiring $2.1 million to a fraudulent account. According to the brewery, there is no sign of a data breach. None of the funds have been recovered yet. The authorities have been informed.

Ontario’s largest Canadian-owned brewery, Waterloo Brewing Ltd., became aware this week that it has been a victim of a ‘social-engineering Cyberattack’, according to a press release. The regional brewery was tricked into a fraudulent wire transfer by a fake creditor resulting in a loss of $2.1 million.

Earlier this month, the brewery was contacted by a fraudster who impersonated a creditor employee. The scammer requested a wire transfer to a fraudulent bank account. Whereupon, Waterloo Brewing directed the money as told.

The Ontario company said, they are ‘actively taking measures to recover the funds’. But, no money has been recovered yet. Furthermore, the incident has been reported to the authorities, who initiated their investigations.

Additionally, Waterloo Brewing started an internal investigation by analyzing all transaction activities across all of its bank accounts, reviewing its internal systems and controls including its computer networks. Furthermore, an external IT services provider complements the company’s endeavor by checking its systems. To avoid further incidents, the brewery is collaborating with its auditors and its bank.

At this time, the brewery found no indicator that data have been breached or personal information of customers has been disclosed. Waterloo Brewing stated in its press release that ‘[t]he Company does not expect this incident to have a material impact on its business going forward or otherwise impact its near-term liquidity requirements or its ongoing operations.’

Anyone who wishes to report information confidentially on this incident may contact D. Slenys at Investigation Counsel PC. Anyone who wishes to inquire fraud recovery information on their own case, or wishes to report fraud with whistleblower protection, please contact D. Slenys at 416-637-3151 or