PYMNTS

FEBRUARY 22, 2019

In the quest for ill-gotten gains, fraudsters have a myriad of ways to try to scam unwitting victims, intercepting funds or having them sent to their own accounts. The site said the most recent scams had been uncovered before such deposits were made, but added that other attempts had been successful in the past.

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Direct Deposit Scams IRS Business Email Compromise 54

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 scam, which used those devices and deployed email methods, netted more than $3 million in Australian currency. The scams netted an alleged $25 million from 2014 to 2016. “In

Business Email Compromise 61

Business Email Compromise Email Compromise Scams Compromise 61

PYMNTS

APRIL 14, 2017

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was.

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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. There are also 2.3

Authorization 67

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PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. million because of mandate fraud, which, like the business email scam, involves a scammer emailing a supplier or business to trick them into making a payment into a fraudulent account. market calls “mandate fraud.”. on Monday (Oct.

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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. The BEC scam can manifest in many forms. It is so easy for attackers to pull off these kinds of scams,” he said.

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Business Email Compromise Security Scams Email Compromise 44

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

MARCH 27, 2017

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. Here are the numbers: $100 million | Amount of money stolen from hacker. businesses hacked in this case.

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Email Compromise Business Email Compromise Compromise Scams 40

PYMNTS

MAY 12, 2017

in 2016, losing a combined $16 billion — just over $1,400 per victim, on average. million were affected, according to the study. . …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. million in the U.S.

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Business Email Compromise Phishing ATM FBI 51

PYMNTS

NOVEMBER 13, 2020

Fraud scams targeting these wire transfers have long been an issue, with U.S. billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. companies losing roughly $1.77

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Cross-Border Wire Transfer B2B Cross-Border Payments 64

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.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

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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Phishing Wire Transfer Email Compromise Business Email Compromise 67

PYMNTS

APRIL 14, 2017

But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. I can imagine that by next January, when we collect the data for the next survey, the BEC scams will eventually see a drop,” he said. Only about 10 hands came up.”. “I It’s education and internal controls,” said Carlsson.

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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

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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Business Email Compromise Email Compromise Scams Phishing 43

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

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.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

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). The tactic relies on employee ignorance, not on system weaknesses, to find success.

Cybersecurity 43

Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

APRIL 9, 2018

Gemini Advisory, which first identified the breach at Hudson’s Bay, suggests human error was to blame: An employee likely clicked on a malicious link sent via a phishing scam. Unfortunately, data from MediaPro published in 2016 found that employee awareness of anti-cyberattack strategies remains low.

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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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Data Security Governance Government Data Breach 54

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

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.

Faster Payments 45

Faster Payments B2B Email Compromise Same Day ACH 45

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.

Cybersecurity 48

Cybersecurity Phishing Email Compromise Scams 48

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. Google And Facebook Scammed Out Of $100 Million.

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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.

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