Federal News
San Diego State University Recovers Fraudulent Funds
March 22, 2026
In September 2025, San Diego State University (SDSU) was targeted in a fraudulent wire transfer scheme resulting in the loss of $5.9 million to a fake account controlled by Renstev, LLC. The Federal Bureau of Investigation (FBI) intervened, seized the fraudulent account, and successfully recovered $5.48 million, confirming SDSU as the rightful owner of the funds. SDSU is actively cooperating with ongoing law enforcement investigations and has prioritized enhancing its cybersecurity protocols to prevent similar incidents in the future.
- This incident highlights the critical importance of robust cybersecurity measures in protecting institutional funds during procurement and financial transactions.
- Procurement professionals should evaluate and strengthen internal controls and vendor verification processes to mitigate risks of fraudulent payments.
- Collaboration with federal law enforcement agencies can be instrumental in recovering lost funds and addressing cyber fraud.
- Organizations managing large financial transactions should consider investing in advanced fraud detection and response capabilities to safeguard assets.
[San Diego State] has been identified by the FBI and the United States Attorney’s Office for the Southern District of California as a victim of the fraudulent scheme and the rightful owner of the seized funds.
— Federal documents
Agencies
Federal Bureau of Investigation, United States Attorney’s Office for the Southern District of California
Vendors
Renstev, LLC