PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. A recent survey by Proofpoint found that, amid the billions of dollars in fraud that occur worldwide and annually from BEC efforts, attacks on the financial services industry have been increasing.

Business Email Compromise 43

Business Email Compromise Scams Email Compromise Disputes 43

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.

Scams 43

Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. A fifth of survey respondents who had been hit by some type of cyberattack said it was the result of a BEC, making this cybercrime the number one tactic fraudsters use. billion in total losses since 2013.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

JUNE 22, 2020

37 percent fewer BEC attacks targeted the C-Suite in Q1 , according to new data from Abnormal Security. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. ” $1.4 ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

APRIL 14, 2017

In the Association for Financial Professionals ‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation.

Scams 65

Scams Email Compromise Compromise Wires 65

PYMNTS

APRIL 10, 2019

Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year. However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017.

AFP 69

AFP Scams Email Compromise ACH 69

PYMNTS

NOVEMBER 30, 2018

BEC Scams In Australia. The fraud is perhaps more commonly known as business email compromise (BEC). BEC commonly involves fraudsters masquerading as suppliers (through hacked emails) and sending requests for would-be victims to send money to bank accounts, where the details have changed.

Business Email Compromise 49

Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

FEBRUARY 20, 2020

The fraud firm uses “physical checks to cash out money pilfered through business email compromise (BEC) attacks,” and it is “spread around multiple countries in Africa, including Nigeria, Ghana and Kenya,” a press release said. .

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

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.

Business Email Compromise 43

Business Email Compromise Email Compromise Payroll IRS 43

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. NACHA found that, in the first 11 days that the service went live in 2017, only 6 percent of the 2 million transactions made were B2B transactions.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

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

APRIL 14, 2017

In its 2017 AFP Payments Fraud Survey , researchers noted a “dramatic” increase in corporate payments fraud compared to levels seen in 2015. But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. Thus, checks stay in the enterprise — and check fraud grows.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

OCTOBER 15, 2018

It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. Researchers advised small business owners to not download any email attachments from an unnamed address.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

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. For those that refused to pay, the vast majority were also able to recover their files thanks to regularly backing up their systems.

Ransomware 58

Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

APRIL 30, 2018

Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

MAY 12, 2017

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 billion across organizations. A significant number of these attempts came in the last seven months of 2016. Robert Holmes, a security professional for Proofpoint Inc.,

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks. While researchers at Tanium found last year that one-third of U.K.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

MAY 5, 2017

Radial found that overall fraud in the eCommerce space showed grew 30 percent year over year in Q1 of 2017. It recently came to light that Facebook and Google found themselves out $100 million at the hands of one ambitious cybercrook—a Lithuanian man who a scammed the internet giants with a business email compromise (BEC) attack.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

AUGUST 10, 2018

It was a 2017 report commissioned by Google that caught Womply President Cory Capoccia’s attention. Many businesses are confining themselves to the most basic levels of technology, like email, yet fail to reach an online audience with websites, eCommerce capabilities, social media presence, digital marketing and beyond.

Cybersecurity 40

Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

NOVEMBER 9, 2017

Analysts noted an estimated 19,000 push payment scams were carried out in the first six months of 2017 alone, making it the second-largest scam type in the nation, behind card fraud. The PSR is seeking comment and consultation on such proposals, reports said.

Scams 40

Scams Business Email Compromise Email Compromise Payer 40

PYMNTS

DECEMBER 7, 2018

The scope of the scam comes courtesy of cyber threat detection firm Agari, which has said the group, London Blue, seeks to ply its trade through the business email compromise (BEC) effort. The emails try to get the victims to send money to accounts – and the money, of course, is likely to disappear forever. “It

Scams 68

Scams Credit Cards Email Compromise Business Email Compromise 68

CB Insights

JULY 23, 2020

In 2017, Microsoft acquired AltspaceVR , which facilitates live events such as business-related conferences. However, as an unprecedented portion of the workforce has been relegated to working from home, IT teams have faced new challenges, from less than optimal at-home network security to more targeted business email compromise schemes.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101