PYMNTS

JANUARY 16, 2020

The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. It’s all in the name of siphoning company cash from accounts payable operations, and experts say the threat will continue to increase.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

MAY 12, 2017

in 2016, losing a combined $16 billion — just over $1,400 per victim, on average. Users received an email in which it appeared a contact had shared a document with them via Google Docs. If they opened the document, users were brought to a real Google page that required a login and permissions to access email account data.

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

PYMNTS

NOVEMBER 13, 2020

The cross-border B2B payments space experienced a small drop in growth during the first half of 2020 due to the COVID-19 pandemic’s effects, but it is expected to continue expanding despite this hiccup. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts.

Cross-Border 64

Cross-Border Wire Transfer B2B Cross-Border Payments 64

PYMNTS

JUNE 14, 2018

Identity theft is an unfortunately reality for more consumers as data breaches continue to rock the market. million, in 2016 alone. with more than 16,800 victims recorded in 2016. According to the IRS, there were 4,000 recorded instances of business identity theft cases in 2016. That figure rose to 10,000 last year.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

Scams 55

Scams AFP Business Email Compromise Wire Transfer 55

PYMNTS

JULY 26, 2017

“Today, the federal banking system remains healthy,” he continued. “As While commercial loan growth remained strong in 2016, it is still slower than 2015 levels, the report found, increasing by 2.1 percent in the first half of 2016 but then slowing toward the end. Shifts in Lending Practices. Amid these fluctuations, the U.S.

OCC 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

APRIL 14, 2017

The huge increase last year was so big that I didn’t think it would continue this way. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS. “We We saw even more payments fraud this year than last year, and that by itself, to me, is a surprise,” Carlsson said.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

DECEMBER 12, 2017

“Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire. 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

APRIL 9, 2018

While details of the most recent incidents continue to surface, analysts are still looking at the Saks breach, initiated when the retailer’s owner, Hudson’s Bay Company, was targeted. Despite the billions of dollars that businesses spend to safeguard their systems, data breaches continue to occur. Estimates from Gartner, Inc.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

MARCH 28, 2018

billion due to fraud in 2016, and a significant portion of that stems from chargeback fraud. Essentially,” he continued, “the world has changed to where we have to up our game, up our customer service levels and experience. Researchers estimate U.S. eCommerce companies lost $6.7 It does expose them to more risk.”.

Security 44

Security Data Breach Account Takeovers Breach 44

PYMNTS

JUNE 26, 2018

Take, for instance, the Business Email Compromise, a scam that is attributed to an estimated $5.3 billion in stolen corporate funds in 2016, according to the Federal Bureau of Investigation (FBI). However, paper documents continue to present a challenge to corporates’ security initiatives.

Cybersecurity 43

Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

MAY 7, 2018

In corporate payments, while fraud is typically linked to wire and checks , the rise in Business Email Compromise (BEC) and account takeovers means ACH fraud is a growing threat, same-day or not. That’s the reality: Every system can be compromised.” Verify transaction requests. Report any suspicious activity.

Same Day ACH 47

Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

MAY 3, 2016

Financial institutions see the value in providing new, faster payment options to their customers with certainty and surety, and Same Day ACH allows them to do that in 2016,” stated NACHA President and Chief Executive Officer Janet O. The electronic payments association also pointed to FIs’ readiness for the advancement.

Same Day ACH 43

Same Day ACH ACH NACHA Faster Payments 43

PYMNTS

SEPTEMBER 9, 2016

And after a brief dip in 2010 and 2011, the increase continued until it peaked in 2014, according to Financial Fraud Action UK. Just in the first four months of 2016, incidents of such scams increased by 270 percent. 2016, according to the FBI. In 2009, it was 14 percent higher than levels seen the previous year. 2013 and Feb.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

MAY 3, 2017

We can see fraud patterns and changes earlier, because we are continuously monitoring [the data],” Little explained of the new solution. “We She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes.

Faster Payments 45

Faster Payments B2B Email Compromise Same Day ACH 45

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Nearly half of the small businesses surveyed by Hiscox last year said they had been targeted by at least one cyberattack, while 44 percent said they were hit by between two and four attacks.

Ransomware 58

Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

MAY 5, 2017

As of now, there is reportedly no evidence of continued unauthorized activity. Another testament to the security risks inherent in interconnectivity, security gaps on the fringes of the SWIFT cross-border payment network were found to have been leveraged by cybercriminals in a series of attempted and successful digital bank heists in 2016.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

APRIL 10, 2017

percent increase marked in February 2016. percent) coming from a mobile device as of September 2016. Corporate payments fraud , marking 2016 as the year in which more U.S. The AFP’s newest report found 75 percent of companies fell victim to payments fraud in 2016, up from 71 percent in 2015.

AFP 40

AFP Small Business Email Compromise Federal Reserve 40