PYMNTS

JANUARY 18, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

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Business Email Compromise Scams Audit Payroll 69

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.

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PYMNTS

OCTOBER 10, 2018

Rarely does the wire transfer come into play as an exciting, innovative payment rail ready to disrupt cross-border B2B payments. The wire transfer, made popular by Western Union more than 150 years ago, may not seem to be the most innovative rail. Thieves attempted to steal $5.3

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PYMNTS

MAY 1, 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. BEC fraud has been on the rise across the globe. The Federal Bureau of Investigation said it had found that BEC scams led to $3.1

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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.

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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. Rimašauskas has since been charged with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft.

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PYMNTS

MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. 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 Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016.

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