Update about fraud/theft and recovered funds
Published on September 20, 2022 by Alanna Irving
Transparency and trust are at the heart of our values at Open Collective Foundation. Accordingly, we want to share with our community about a difficult thing that happened recently: OCF was the victim of theft via bank fraud.
We are happy to say that we have recovered all the stolen funds. Collectives’ money is not at risk, and the hundreds of projects OCF is proud to fiscally sponsor have not been impacted.
As soon as we found out, we reported the fraud to law enforcement and financial institutions. We also conducted a thorough internal investigation, tightened our internal controls and security more than ever, and hired specialized legal counsel to guide us.
This fraud was not perpetrated through the Open Collective software system, which has robust anti-fraud features that continue to serve us effectively. More details about how it happened will be made public at a later date.
We take our responsibility to keep money safe very seriously. With today’s many financial transaction options and the increasing sophistication of fraudsters, OCF is continually working to stay ahead and make improvements all around. Despite the scare this situation caused, OCF is glad to have come out of it as a stronger, better prepared fiscal sponsor.
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