PYMNTS

APRIL 30, 2018

According to the report, 29 percent that have experienced a system-level wire fraud attack have suffered a loss as a result. 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).

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PYMNTS

JUNE 14, 2018

The next most prevalent activity was wire fraud, at 48 percent, followed by corporate fraud at 30 percent. As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017. The grand jury stated that she was behind a $2.3

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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.

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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.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. In some cases, the fraudsters impersonate people working within the same firm, with directives to wire funds to “new” accounts that are ostensibly tied to legitimate business practices.

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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

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PYMNTS

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. . “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement.

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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.

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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

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. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote. Furthermore, so far, corporate adoption of faster payment tools is limited.

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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.

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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.

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