PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. A fifth of survey respondents who had been hit by some type of cyberattack said it was the result of a BEC, making this cybercrime the number one tactic fraudsters use. billion in total losses since 2013.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

MAY 2, 2017

The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer. The news that the two tech giants were the victims of such an attack comes as instances of BEC fraud have been on the rise across the globe.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

MAY 12, 2017

From October 2013 through December 2016, a new report from the FBI suggests cybercriminals used business email compromise (BEC) scams to try and steal some $5.3 FBI Sees Wire Fraud Via Email Grow In 2016. billion across organizations. A significant number of these attempts came in the last seven months of 2016.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

APRIL 14, 2017

Last year the AFP marked an unexpected reversal in the decline of the use of checks in B2B transactions, inching up 1 percent to 51 percent last year compared to 2013 levels (that survey is conducted every three years). But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

DECEMBER 20, 2019

According to people familiar with the case, the scheme managed to nab roughly $23 million from Google in 2013 and around $98 million from Facebook in 2015. Attorney General Geoffrey Berman said Rimasauskas “carried out his high-tech theft from halfway across the globe, but he got sentenced to prison right here in Manhattan federal court.”.

Law Enforcement 53

Law Enforcement Phishing Wire Transfer Scams 53

PYMNTS

OCTOBER 10, 2018

billion via business wire fraud between October 2013 and December 2016, the FBI calculated. Earlier this year, the FBI said the value of successful BEC scams has now surpassed $12 billion. Thieves attempted to steal $5.3

Wire Transfer 46

Wire Transfer Wire Wires Cross-Border 46

PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. A total of 17,642 reports of BEC were reported to authorities between Oct.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

AUGUST 12, 2019

more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. The agency has found more than 32,000 documented cases of BEC attempts during that timeframe.

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

DECEMBER 7, 2018

The scope of the scam comes courtesy of cyber threat detection firm Agari, which has said the group, London Blue, seeks to ply its trade through the business email compromise (BEC) effort. The emails try to get the victims to send money to accounts – and the money, of course, is likely to disappear forever. “It

Scams 68

Scams Credit Cards Email Compromise Business Email Compromise 68