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 real estate sector is especially at risk, the FBI noted — from 2015 to 2017, the number of real estate transaction incidents increased by more than 1,110 percent. ” The Larger Trends.

Business Email Compromise 61

Business Email Compromise Email Compromise Scams Compromise 61

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. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

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

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. Between 2015 and 2017, the real estate market saw a more than 1,100 percent increase in the number of BEC victims. billion in losses.

Scams 43

Scams Business Email Compromise Email Compromise FBI 43

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

FEBRUARY 24, 2020

The share of companies reporting fraud experiences jumped to 60 percent this year, according to a survey by Bottomline Technologies and Strategic Treasurer of more than 350 global corporate practitioners and bankers, up from 40 percent in 2017.

Automation 89

Automation Email Compromise On-Demand Process 89

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 Wire 59

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

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. As reported in Threatpost , losses from such schemes nearly doubled from $675 million in 2017 to as much as $1.2 billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

PYMNTS

OCTOBER 3, 2017

actually dropped in the first half of 2017 compared to the first half of 2016. Combined card, remote banking and check fraud in Q1 2017 was 8 percent lower than in H1 2016, the company said last week. Earlier this year, TD Bank warned that this scam, known as the business email compromise in the U.S.,

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

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

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. This trend was first identified by ProofPoint in Q3 2017, and has since grown.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

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 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. Indeed, BEC was the way the criminals gained access to many of their victims — as many as 33 percent of them, which is up from the 12 percent seen in 2017.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

FEBRUARY 16, 2018

District Judge Jerome Simandle in Camden, New Jersey, follow reports released earlier this week that hackers stole more than $17 million from Russian banks in 2017. The business email compromise scam saw an increase of 10 percent during those two years. The prison sentences, handed down by U.S.

Email Compromise 40

Email Compromise Debit Card Credential Scams 40

PYMNTS

MAY 2, 2019

Twenty-nine percent said payment data was compromised, while nearly one-quarter said proprietary company data was exposed. million business email compromise scam. and found that 61 percent of companies that experienced a data breach as a result of their third-party vendor, a 5 percent increase from 2017 figures.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Using fraudulent vendor or client invoices grew, from 30 percent of sampled 2017 incidents, to 39 percent in 2018,” according to FinCEN. Targeting County Governments.

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

JANUARY 26, 2017

The firm released its 2017 Payments Outlook report last week and made some conclusions that B2B FinTech players may find disappointing. Late last year, Mercator released another iteration of its 2017 Outlook report. Still, cybercrimes like wire fraud and the business email compromise scam will remain prevalent in the industry.

B2B 54

B2B Innovation B2C Faster Payments 54

PYMNTS

FEBRUARY 6, 2019

The same can be said for cybersecurity expertise, particularly as corporate finance and accounting departments become larger targets for cyberattacks like the business email compromise or data breaches. But what organizations are looking for in those professionals doesn’t look like it did a decade or so ago.

Accounts 74

Accounts Finance On-Demand Automation 74

PYMNTS

APRIL 29, 2019

It succeeds the Advisory Committee on Small and Emerging Companies, which ceded operation in 2017. 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.

Small Business 43

Small Business Email Compromise Laws Scams 43

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

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. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS. Only about 10 hands came up.”. “I

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. Proofpoint examined attacks on companies in this vertical, across 100 firms, between 2017 and 2018. The data showed that they were targeted 60 percent more frequently in the fourth quarter of 2018 than in 2017.

Business Email Compromise 43

Business Email Compromise Scams Email Compromise Disputes 43

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

NOVEMBER 30, 2018

The fraud is perhaps more commonly known as business email compromise (BEC). The scam lasted for five years, between 2012 and 2017. Separately, in Australia, Scamwatch has been warning firms in the country to take “an urgent look” at the way they handle invoices, as described by IT Brief.

Business Email Compromise 49

Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

APRIL 2, 2019

Spend control isn’t easy — just ask Google and Facebook, which confirmed in 2017 they were among the corporate victims of a widespread phishing attack that tricked businesses into paying fake invoices. The scam wasn’t a one-off job, either.

Email Compromise 59

Email Compromise Scams Correspondent Phishing 59

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

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. But the Spring 2017 report reveals news of threats that are just beginning to flare up.

OCC 46

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

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

JANUARY 23, 2017

49% of financial professionals say earnings uncertainty is a greater threat today than it was three years ago, according to the 2017 Association for Financial Professionals Risk Survey. But researchers questioned whether the increase is due to more breaches or simply more publicly available data on the topic.

Risk 43

Risk AFP Identity Theft Email Compromise 43

PYMNTS

JUNE 14, 2018

As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017. The next most prevalent activity was wire fraud, at 48 percent, followed by corporate fraud at 30 percent.

AFP 41

AFP Accounts Wire Wires 41

PYMNTS

MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. 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 Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

JUNE 14, 2018

The report noted that interviews with one major financial institution’s fraud department revealed a 200 percent increase in fraudulent wire transfers initiated via business email compromise , another tactic that requires a stolen business identity to commit the crime.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

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. billion each year and that account takeovers have seen a sharp spike of 45 percent in Q2 2017.

FS-ISAC 47

FS-ISAC Cybersecurity Account Takeovers NACHA 47

PYMNTS

APRIL 9, 2018

The company’s “ 2018 IBM X-Force Threat Intelligence Index ” found that human error helped cloud-related cyberattacks see a 424 percent jump year-over-year in 2017. IBM warned that some of the most common human errors linked to data breaches involve “basic misjudgment.” To err is human,” IBM said in its report.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

NOVEMBER 10, 2017

Earlier this year, researchers at the Association for Financial Professionals found that instances of check fraud and Business Email Compromise scams increased between 2015 and 2017, with fraud originating both within and outside the enterprise. One of the easiest areas for internal fraud to occur is in employee expensing.

Duplicate 44

Duplicate Audit Email Compromise Compliance 44