PYMNTS

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. The scams netted an alleged $25 million from 2014 to 2016. “In This comes against a backdrop where, from December 2016 to May 2018, the losses tied to such scams have grown by 136 percent.

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PYMNTS

DECEMBER 29, 2020

claimed the company was creating fake production records between 2010 and 2016 in order to access renewable fuel tax credits, which it would then launder, the AP reported. Many of them involve business email compromise (BEC) scams, while some target the vaccine distribution chain. Servers belonging to SBK Holding were missing.

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PYMNTS

DECEMBER 30, 2016

Bank heists and data breaches saw no shortage in 2016, and corporates large and small could no longer avoid the risk of a cyberattack. 2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. In addition, the battlefield is evolving.

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PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. Those replies are then recorded and made available for IT managers to download and review if needed.

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PYMNTS

OCTOBER 3, 2017

s Charity Commission issued a warning in early 2016 over mandate fraud and the threat the scam poses to charities in particular. The threat of mandate fraud is an ongoing issue for charities, with cases continuing to be reported to Action Fraud from across the sector,” the Commission said in its January 2016 alert.

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PYMNTS

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. Businesses across 100 countries have been affected; reports of the scam in 2016 are already up by 270 percent.

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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 9, 2019

. $157 million: The cost of the Australian government’s 2016 cybersecurity initiative. 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.

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PYMNTS

JULY 15, 2019

The report noted there has been an 86 percent increase in fraud investigations done internally, with confirmation of fraud in as many as 75 percent of the cases investigated between 2016 and 2017, according to the report. The Justice Department reported that from January of 2014 through June of 2016, Earenest J. Grayson Jr.,

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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.

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PYMNTS

APRIL 29, 2019

The committee, which is the result of the 2016 SEC Small Business Advocate Act, will meet for the first time in early May, according to reports. The SEC has also targeted the growing threat of cyberattacks against small businesses, with the Business Email Compromise a particular focus for the government agency.

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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. According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. Department of the Treasury, has estimated in recent weeks that fraudsters have tried to scam as much as $9 billion through business e-mail compromise attempts since 2016. As reported this past week by Fox 5 in Washington, D.C.,

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PYMNTS

MAY 12, 2017

in 2016, losing a combined $16 billion — just over $1,400 per victim, on average. Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016. FBI Sees Wire Fraud Via Email Grow In 2016. A significant number of these attempts came in the last seven months of 2016.

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PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

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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.

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PYMNTS

JUNE 14, 2018

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. Research from Auriemma Consulting Group estimates that identity theft has cost banks at least $6 billion, and cost consumers $58.9 What to Do About It.

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PYMNTS

FEBRUARY 22, 2019

Much has been said in this space about Business Email Compromise ( BEC ) scams, where bad actors frequently pose as corporate officials, directing targeted individuals to send money to different accounts, or they pose as suppliers and present phony invoices to be paid. USD), charged to a fund for members to furnish their offices.

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PYMNTS

APRIL 14, 2017

Perhaps worse than a company’s inability to identify these scams, though, is that often businesses aren’t even aware they should be looking out for them, “I made a presentation last year to a group of about 130 people and asked if they knew what a business email compromise scam was,” Carlsson recalled. Only about 10 hands came up.”. “I

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PYMNTS

NOVEMBER 13, 2020

billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts. companies losing roughly $1.77

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PYMNTS

JANUARY 23, 2017

businesses in 2016 than the year prior, found CyberScout. Its latest analysis, released in conjunction with the Identity Theft Resource Center, found an all-time-high number of data breaches, with 1,093 incidents recorded in 2016. 40% more cyberbreaches impacted U.S. The report found that more than half of these breaches (55.5

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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. “Organizations are now using measures, such as positive pay, to a much larger extent than before, after its use declined in 2016,” the AFP noted.

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PYMNTS

JULY 26, 2017

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. PYMNTS outlines some of those key trends found in the OCC report below. Shifts in Lending Practices. Amid these fluctuations, the U.S.

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PYMNTS

MARCH 28, 2018

billion due to fraud in 2016, and a significant portion of that stems from chargeback fraud. Researchers estimate U.S. eCommerce companies lost $6.7 According to LexisNexis , chargeback fraud accounts for 28 percent of all fraud that occurs at an eCommerce company, tied for first place with “ friendly fraud.”

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PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. The tactic is relatively simple.

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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, even sophisticated cybersecurity technologies still struggle to identify and prevent some of the most basic cyberattacks.

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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.

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PYMNTS

APRIL 9, 2018

This could mean an employee storing sensitive company data on a personal device, or workers falling for phishing emails that lead to a data breach, business email compromise, malware or account takeovers. “To IBM warned that some of the most common human errors linked to data breaches involve “basic misjudgment.”

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PYMNTS

JANUARY 30, 2017

The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. These types of attacks made up more than 55 percent of total data breaches in 2016.

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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. billion in losses linked to fraud in 2016 and a 16 percent increase from 2014 levels. The risks, of course, are monstrous.

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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.

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Same Day ACH ACH NACHA Faster Payments 43

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. 2016, according to the FBI. 2013 and Feb. The cost of such attacks?

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PYMNTS

MAY 3, 2017

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. Business Email Compromise is just one pain point,” she noted.

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PYMNTS

MARCH 1, 2017

Research released only days ago from Centrify found that two-thirds of surveyed companies have experienced at least five security breaches in the past two years, while separate analysis from the Identify Theft Resource Center and CyberScout have pegged 2016 as a record year for cyberattacks in the U.S.

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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.

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PYMNTS

MAY 5, 2017

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. Ransomware, Cyberespionage On The Rise.

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PYMNTS

NOVEMBER 6, 2017

In September, the consumer credit agency Equifax reported that the personal information of roughly 143 million Americans was compromised in a data breach of epic proportions. percent from Q2 2016 to Q2 2017. The Index also reported that global fraud can cost merchants in eight different industries $57.8

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