PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

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Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

SEPTEMBER 14, 2017

The problem persists, and evidence suggests it’s getting worse, with recent research from TD Bank revealing news that 91 percent of survey respondents expect B2B payments fraud and invoice scams like business email compromises to increase in the coming years. billion in total losses since 2013.

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Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

FEBRUARY 29, 2016

It looks like Snapchat has been scammed by an enterprising phisherman who managed to collect personal data on about 700 employees of the social media service. In 2013, the up-and-coming firm saw hackers get into the names and phone numbers of millions of the service’s users.

Phishing 41

Phishing Scams Social Security Payroll 41

PYMNTS

DECEMBER 20, 2019

A Lithuanian man who scammed Facebook and Google into sending him hundreds of millions of dollars has been sentenced to five years in prison, according to published reports Thursday (Dec. 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.

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Law Enforcement Phishing Wire Transfer Scams 53

PYMNTS

JUNE 25, 2020

The charges dated back to 2013, when Long created and deposited checks from the checking accounts of over 375,000 victims, saying that the victims’ banks had authorized the fund transfers. Long pled guilty in November of 2019 to a scheme where he committed wire fraud and aggravated identity theft.

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Identity Theft Checks Payee Phishing 66

PYMNTS

DECEMBER 21, 2018

The findings came from a survey of 2,000 individuals between 2013 to 2018. In examples of the ill-famed business email compromise ( BEC ) scams that seem to make frequent headlines, $1 million was transferred from the Save the Children Foundation. billion has been stolen via BEC from October 2013 to May 2018.

Business Email Compromise 60

Business Email Compromise Email Compromise Advisors IRS 60

PYMNTS

JUNE 15, 2016

The scam is also known as the Business Email Compromise and typically only goes after businesses, rather than consumers. Billion | The amount hackers have attempted to steal from businesses using wire fraud between October 2013-May 2016. and foreign victims between October 2013-May 2016.

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PYMNTS

SEPTEMBER 10, 2019

A subsidiary of automaker Toyota has lost millions of dollars thanks to a vendor payment scam, according to SC Media UK reports. billion has been lost to the Business Email Compromise scam between 2013 and 2018. The publication said Monday (Sept. Cybersecurity company Agari recently released data that estimates $13.5

Email Compromise 46

Email Compromise Compromise Cybersecurity Scams 46

PYMNTS

JULY 11, 2018

Falkowski was sentenced to 30 months in a federal prison for being the brains behind a $1 million fraud scam. CNBC said The Steinberg Group , which operates under the name dOMAIN, and a production management company in New York City agreed to submit altered invoices and bills to hide the scam. QVC former director James D.

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Scams Innovation Product Payments 40

PYMNTS

AUGUST 22, 2017

The way the scam works is that a thief contacts a victim’s phone company and asks to transfer their old phone number to a new phone — one under the thief’s control. In January 2013, there were 1,038 such incidents reported; by January 2016, that number had increased to 2,658. The newest trick?

Federal Trade Commission 50

Federal Trade Commission Cryptocurrency Scams Bitcoin 50

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. Late last week, approximately one million Gmail users (or about 0.1 billion across organizations.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

SEPTEMBER 9, 2019

billion has been lost to the Business Email Compromise scam between 2013 and 2018 , data analyzed by cybersecurity firm Agari, in conjunction with the Federal Bureau of Investigation’s Internet Complaint Center, revealed.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

Clearly Payments

MARCH 4, 2024

Target Data Breach (2013) In the saga of payment processing fraud, few chapters loom as large as the Target data breach of 2013. Elevated awareness of phishing scams and cybersecurity threats. Its demise in 2013 laid bare the extent of its fraudulent operations, sending shockwaves through the global financial community.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. The scheme was a multilevel marketing (MLM) operation that went on for two years, and managed to scam 70,000 victims for a total of $147 million.

Bitcoin 52

Bitcoin Law Enforcement Crime Cryptocurrency 52

PYMNTS

APRIL 9, 2019

The scam has already led to the imprisonment of several former executives. Reports in City A.M. The letter also calls on the Financial Conduct Authority (FCA) to investigate Lloyds Chief Executive Antonio Horta-Osorio, claiming he knew about the ongoing fraud as far back as 2011, but failed to initiate an investigation.

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Authorization Scams Small Business Acquirers 49

PYMNTS

AUGUST 17, 2018

Based on a scan of some recent headlines, business email scams and fake invoices seem to be among the preferred methods of attacking companies and raiding their coffers. The mechanics of the scam may seem familiar to readers of this space. 1 of 2013 and the end of March 2018. In one example, news.com.au

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B2B Scams Breach Data Breach 40

PYMNTS

JUNE 29, 2018

Over the 3,470 ICOs launched since 2013, the data shows that only 30 percent have completed the fundraising successfully, noted Reuters. Among that percentage, 142 never got the funding and another 276 have faded away or were scams. Telegram raised $1.7 Many of the ICOs have either been delayed or didn’t take off as hoped.

Digital Currency 40

Digital Currency Scams Bitcoin Research 40

PYMNTS

JUNE 7, 2019

The FTC said Allied Wallet aided in the scamming of upwards of $110 million from people using pyramid schemes and illegal debt collection. The relationship between the two entities lasted from 2013 to 2018. The settlement scrutinizes concerns about anti-money laundering practices at Wirecard.

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FTC Federal Trade Commission Money Laundering Law Enforcement 43

PYMNTS

MARCH 10, 2016

The FTC said in a press release that it filed its lawsuit in 2013 but that, before then, the people and entities banned had operated a “massive scam” that took money from consumer accounts without authorization. The court, in turn, imposed nearly $80 million in judgments against the defendants.

FTC 40

FTC Credential Consumer Federal Trade Commission 40

PYMNTS

MAY 30, 2018

Bloomberg , citing court proceedings, reported that Baratov was charged with computer fraud and is one of four people slapped with charges last year for a hacker scam that was tied to Russia’s FSB security agency. In October Yahoo announced that it now believes a 2013 security breach exposed all 3 billion of its users at the time.

Identity Theft 44

Identity Theft Breach Phishing Scams 44

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.

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AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

MARCH 10, 2017

Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. On the other hand, around that same time the IRS released data showing that phishing and malware incidents in the 2016 tax season increased by 400 percent.

IRS 57

IRS Phishing Tax Refunds Returns 57

PYMNTS

MAY 2, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for a $100 million business email compromise scam. 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.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

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.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

APRIL 11, 2016

Fraudsters Bank Billions Via Corporate Email Scams. Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 billion since 2013.

ATM 40

ATM Wire Transfer Scams Compromise 40

PYMNTS

JULY 25, 2019

Banking customers are affected by attacks ranging from phishing schemes to identity scams, and it is still up to FIs to provide accurate and real-time protection regardless of where their customers are located. N26 was founded in 2013, launched in 2015 and now serves 3.5 N26 officially entered the U.S. It is growing its U.S.

Online and Mobile Banking 65

Online and Mobile Banking Data Breach Breach Phishing 65

PYMNTS

APRIL 11, 2016

billion : The number of dollars the FBI estimates fraudsters have stolen since 2013 with email scams. The PYMNTS 5-In-1: April 11, 2016. billion : The dollar value of securitizations backed by online marketplace loans in Q1 2016. That’s down 21 percent in 3 months. .

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FBI Scams Volume Checks 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 2013, resulting in $3.1

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

PYMNTS

FEBRUARY 2, 2018

They may not be digital natives, yet that hasn’t stopped them from figuring out some of the ins and outs (even if they are more likely to fall for tricks and scams ). Research from the Nielsen Norman Group in 2013 showed that elderly internet users were likelier to abandon efforts to complete web-based tasks than users under the age of 55.

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Scams Research Consumer Accounts 47

PYMNTS

OCTOBER 8, 2018

billion, the lowest total since 2013, and SEC Enforcement Co-Director Stephanie Avakian recently said that number could fall again. The other federal government’s other markets regulator, the Securities and Exchange Commission (SEC), will release its figures for the fiscal year later in 2018. percent in 2017 to about $3.8

Regulations 63

Regulations Cryptocurrency Best Practices Settlement 63

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

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Wire Transfer Wire Wires Cross-Border 46

PYMNTS

MARCH 27, 2017

billion | Total amount stolen via BEC attacks since 2013. Here are the numbers: $100 million | Amount of money stolen from hacker. businesses hacked in this case. 45 percent | Increase of business email compromise attacks in Q4 2016. 45,000 | Number of email attacks examined by just Proofpoint between July and December 2016.

Email Compromise 40

Email Compromise Business Email Compromise Compromise Scams 40

Finovate

OCTOBER 4, 2024

A coalition of banks and other financial institutions in Malaysia have launched a new, integrated platform, the National Fraud Portal (NFP), to fortify the capabilities of the country’s National Scam Response Centre (NSRC). Check out this roster of Dutch fintechs that have demoed their innovations on the Finovate stage.

AI 64

AI Innovation Payment APIs and Integration Online and Mobile Banking 64

PYMNTS

JUNE 20, 2016

Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment. Examine the latest research to grasp just how cumbersome modern cash management can be. $3

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

DECEMBER 12, 2017

The Association for Financial Professionals (AFP) released its 2016 Electronic Payments Survey earlier this year and found that use of paper checks in B2B payments actually rose 1 percent compared to 2013 levels. About 44 percent of payments received are in the form of a paper check too, the report noted.

Accounts 44

Accounts Wire Transfer Wire Wires 44

PYMNTS

JULY 20, 2017

Former dark web marketplace Silk Road was taken down in 2013, as was its sequel site in 2014. The market Evolution pulled an exit scam in 2015 with administrators pulling out abruptly and taking customers’ cryptocurrency with them. Christin noted AlphaBay wasn’t the first dark web takedown and it won’t be the last. ”

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Law Enforcement Credit Cards Laws Shutdown 40