Someone accessed the bank account of the New Mexico Educational Assistance Foundation earlier this month, making off with as much as $700,000.
The nonprofit foundation manages federal student loans worth $1.3 billion for 94,000 New Mexicans, said the organization's president, Elwood "Woody" Farber. Farber said only the foundation's bank account, not any personal client data such as names or Social Security numbers, was accessed in the break-in.
Farber said the matter has been turned over to the FBI. An FBI spokesman declined to comment Friday.
Experts say that, in cases like this, it is more likely that an account was accessed with a user password rather than by a breach of the bank's firewalls.
Farber would not comment in detail on the incident. An e-mail sent to members of the foundation's board of directors said the money, taken from an account at Bank of the West, amounted to "around" $700,000, according to board member Richard Carpenter.
A Bank of the West spokesman confirmed that an investigation is under way.
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