PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. million daily from companies individual victims. Targeting County Governments.

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

APRIL 7, 2020

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. That figure marks the second-highest percentage in the past 10 years.

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Business Email Compromise Email Compromise AFP Compromise 61

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

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Business Email Compromise Email Compromise Scams Compromise 61

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.

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AFP Scams Email Compromise ACH 69

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.

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B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. 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. The company found that 58 percent of U.K. ” $1.4 ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

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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Email Compromise Scams NACHA Compromise 41

PYMNTS

OCTOBER 15, 2018

The scam entails a scammer posing as a legitimate business partner or vendor, claiming over the phone that the SMB owes them money, then demanding payment in the form of a Green Dot card. “This is a scam, pure and simple. “This is a scam, pure and simple.

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Ransomware Online and Mobile Banking Small Business Scams 77

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

NOVEMBER 30, 2018

BEC Scams In Australia. The fraud is perhaps more commonly known as business email compromise (BEC). The site quoted Australian Competition & Consumer Commission (ACCC) Deputy Chair Delia Rickard, who stated, “It’s a scam that targets all kinds of businesses, including charities and local sporting clubs.

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Business Email Compromise Scams Money Laundering Email Compromise 49

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.

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Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. Said Adrien Gendre, chief solution architect for Vade Secure, on the site: the email scams “are not isolated, that’s for sure.”. The BEC attempts are also relatively cheap campaigns to wage on firms.

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Business Email Compromise AFP ACH Email Compromise 46

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.

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Business Email Compromise Scams Email Compromise Disputes 43

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

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. Only about 10 hands came up.”. “I But that’s just a prediction from me.”.

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AFP B2B Business Email Compromise Email Compromise 40

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.

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Small Business Email Compromise Laws Scams 43

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. .

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Email Compromise Treasury Ransomware Wires 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.

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Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. FBI Sees Wire Fraud Via Email Grow In 2016. billion across organizations.

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Business Email Compromise Phishing ATM FBI 51

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.

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Email Compromise Scams Phishing Correspondent 59

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. In a press release on Tuesday (Feb.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

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

MAY 2, 2019

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. Organizations’ cybersecurity investments may be giving firms a false sense of security.

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Data Breach Third Party Vendors Breach Cybersecurity 55

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

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

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 Wires Wire 41

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. 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.

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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.

Duplicate 44

Duplicate Audit Email Compromise Compliance 44

PYMNTS

MAY 5, 2017

Radial found that overall fraud in the eCommerce space showed grew 30 percent year over year in Q1 of 2017. Google And Facebook Scammed Out Of $100 Million. The greatest growth of fraudulent purchases seen in electronics, entertainment, jewelry and sporting goods. “I

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

NOVEMBER 9, 2017

Separate research released in April by the Association for Financial Professionals in its 2017 AFP Payments Fraud Survey found that corporate payments fraud is now higher than ever, with analysts citing a “dramatic” increase in fraud compared to levels seen in 2015.

Risk Management 43

Risk Management Risk Treasury Email Compromise 43

PYMNTS

DECEMBER 7, 2018

The BBC reports that beloved JK Rowling – she of “Harry Potter” fame and fortune – has been at the center of a credit card scam. 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.

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Scams Credit Cards Email Compromise Business Email Compromise 68

PYMNTS

NOVEMBER 9, 2017

Payments System Regulator (PSR) is taking steps to address the 100 payment scams hitting consumers and businesses every day. Banks don’t reimburse their consumer and business customers hit by such a scam, unlike reimbursements made for fraudulent payments on card products, reports in the Telegraph explained. more than a year ago.

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Scams Business Email Compromise Email Compromise Payer 40

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.

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Posting Cybersecurity Returns Online and Mobile Banking 101