Carson City treasurer Karen Avilla is reported to have acted quickly after discovering the theft and was able to freeze 90 per cent of the funds, although officials are still looking for the remaining US$45,000.
While investigating the first transfer, Avilla said she discovered a second unauthorised transfer worth US$358,500, but that transfer was blocked at source.
Geoff Sweeney, chief technology officer at behavioural analysis software firm Tier-3, said: "Although officials claim that any losses are covered by the city's insurers, I fully expect the city's insurance premium to rise at the next renewal date.
"The fact that no-one is currently out of pocket, however, is not the point. Had the city installed early warning or proactive behavioural analysis software which detects the presence of spyware on its computers, the offending spyware would have been locked down before it began to execute."
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