2018, Business Email Compromise and Continuity

FBI: BEC Scams Stole $1.2B In 2018

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. billion in 2018. billion in 2018. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers.

Business Email Compromise

Business Email Compromise FBI Scams Wire

Study Sees BEC Scams Gaining Ground

PYMNTS

JANUARY 18, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

Business Email Compromise

Business Email Compromise Scams Audit Payroll

BEC Scams Nearly Double Over Three Years

PYMNTS

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016.

Business Email Compromise

Business Email Compromise Scams Fincen Crime

FBI Details Evolving Sophistication Of BEC Scammers

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years. billion in 2019. billion in 2019.

Business Email Compromise

Business Email Compromise FBI Email Compromise Scams

Report: BEC Fraud Increasingly Goes Mobile

PYMNTS

MARCH 21, 2019

The wiles and ways of scammers to part businesses from their money continue to proliferate, and continue to use technology as a springboard to trick executives. As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. phone number.

Business Email Compromise

Business Email Compromise Scams Email Compromise Compromise

Study: BEC Attacks On Financial Service Firms Up 60 Pct

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

Business Email Compromise Scams Email Compromise Wire

Business Email Scams Spin Even Wider Webs

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. The 2018 report, sponsored by JPMorgan , finds fraudsters are spinning their BEC webs even broader, targeting new channels of business transactions.

Scams

Scams Business Email Compromise AFP Wire Transfer

Best Of 2018 Data Drivers: Fraudsters, Gig Workers And B2B By The Numbers

PYMNTS

DECEMBER 24, 2018

It may seem like 2018 was the year of the fraudster, of bad guys and gals acting in concert to steal money, steal privacy and use data for any number of gains. He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. gig workers in 2018, according to the PYMNTS Gig Economy Index.

Financial Crimes

Financial Crimes B2B Real Time Payments Crime

Corporate Payments Fraud Jumps Despite Stronger Internal Controls

PYMNTS

APRIL 10, 2019

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights.

AFP

AFP Scams Email Compromise ACH

SMBs Severely Underestimate Data Breach Costs

PYMNTS

SEPTEMBER 21, 2019

“Cybercriminals continue to be creative in their attacks, turning their attention to industries such as manufacturing to retail, and using cloud technology and software like common mobile apps to their advantage,” he said in a statement last week. ” The U.S.

Data Breach

Data Breach Breach Small Business Business Email Compromise

New Cyberattacks Surface To Steal Corporate Funds

PYMNTS

APRIL 4, 2019

The threat of cyberattacks continues to grow, and small businesses (SMBs) are caught in the crosshairs. Its most recent Beazley Breach Briefing , released last month, analyzed 3,300 data incidents in 2018, and found that small businesses face a higher risk of being targeted by a ransomware attack than larger enterprises.

Ransomware

Ransomware Phishing Direct Deposit Business Email Compromise

When Email Becomes SMBs’ Biggest Security Threat

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. Beyond The BEC. The BEC can happen to anyone — to any company using email,” explained Sadler.

Business Email Compromise

Business Email Compromise Security Scams Email Compromise

Businesses Urged Not To Pay Ransom To Cyberattackers

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. CyberEdge Group’s 2018 Cyberthreat Defense Report found that, while 55 percent of businesses were hit by a ransomware attack last year, only 19 percent paid the ransom.

Ransomware

Ransomware MSPS Disaster Recovery Cybersecurity

Unwrapping APAC’s Faster Payments Fraud Threat

PYMNTS

JANUARY 30, 2020

Analysts today expect APAC to see the fastest rate of faster payments growth of any other geographic region on the planet, according to a 2018 report. The Asia-Pacific (APAC) region is one in which faster payment capabilities are quickly proliferating. ” Unwrapping The Fraud Threat. . ”

Faster Payments

Faster Payments APACS Real Time Payments Financial Crimes

Reopening: The Tech-Enabled Office In A Post-Covid World

CB Insights

JULY 23, 2020

And as we continue to learn more about the virus, no one solution has emerged as a standalone prevention method. For example, in 2018, 23andMe entered a $300M deal to sell data to drug giant GlaxoSmithKline, while in 2019, MyHeritage experienced a data breach that exposed details from 92M+ accounts. Source: Openpath.

Posting

Posting Cybersecurity Returns Online and Mobile Banking

Payments Space

FBI: BEC Scams Stole $1.2B In 2018

Study Sees BEC Scams Gaining Ground

BEC Scams Nearly Double Over Three Years

FBI Details Evolving Sophistication Of BEC Scammers

Report: BEC Fraud Increasingly Goes Mobile

Study: BEC Attacks On Financial Service Firms Up 60 Pct

Business Email Scams Spin Even Wider Webs

Best Of 2018 Data Drivers: Fraudsters, Gig Workers And B2B By The Numbers

Corporate Payments Fraud Jumps Despite Stronger Internal Controls

SMBs Severely Underestimate Data Breach Costs

New Cyberattacks Surface To Steal Corporate Funds

When Email Becomes SMBs’ Biggest Security Threat

Businesses Urged Not To Pay Ransom To Cyberattackers

Unwrapping APAC’s Faster Payments Fraud Threat

Reopening: The Tech-Enabled Office In A Post-Covid World

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