Clearly Payments

MARCH 4, 2024

From the Target data breach that compromised millions of customer accounts to the collapse of Wirecard AG following revelations of accounting fraud, these fraud events serve as stark reminders of the vulnerabilities within payment systems. Over 40 million credit and debit card accounts compromised.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3 counterparts are not available.

Wire Transfer 46

Wire Transfer Wire Wires Cross-Border 46

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 told Reuters that the FBI report covered just 20 percent of the total and that the losses could be double.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. As previously highlighted by the FBI , Business Email Compromise scams are on the rise, and businesses saw a 26 percent increase in fraudulent emails during Q2 compared to Q1 — and that’s a whopping 87 percent increase compared to Q2 2017. “The

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

SEPTEMBER 17, 2018

Per Nathan Shields, special agent with the FBI , the details of the conspiracy and the hack(s) come from multiple sources, spanning activities such as analyzing compromised victim systems and executing approximately 100 search warrants across 1,000 email and social media accounts.

SWIFT 75

SWIFT Phishing Ransomware Central Bank 75

PYMNTS

APRIL 11, 2016

Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 billion since 2013. The growth in compromised ATM incidences continued unabated through the past year, FICO noted late last week, with the total number of ATMs being hit rising as much as 546 percent year over year.

ATM 40

ATM Wire Transfer Scams CFPB 40

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. ” He took the 2013 Target data breach as an example. 2013, resulting in $3.1

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

PYMNTS

JUNE 20, 2016

The business email compromise has created more than 22,000 cases in the U.S. and elsewhere, the FBI found, leading to requests for $3.1 Business email compromises are also on the rise in the U.K., billion from cyberattackers since Oct. billion in losses hit U.K. Like in the U.S., fraudsters are targeting U.K.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

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. 2013 and Feb. 2016, according to the FBI. billion, the FBI reported.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

MAY 15, 2017

That happens via an exchange — a now massive part of the bitcoin ecosystem that began to take root in 2011 and really flourished in about 2013. But since 2013, the growth of ransomware initiatives began to increase in the kind of ransomware activity that’s more devastating than those leveled in the past.

Bitcoin 62

Bitcoin Ransomware Multi-Currency Regulations 62