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. This comes against a backdrop where, from December 2016 to May 2018, the losses tied to such scams have grown by 136 percent. 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

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.

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Financial Crimes B2B Real Time Payments Crime 65

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.

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Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

SEPTEMBER 10, 2019

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

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PYMNTS

SEPTEMBER 21, 2019

20 percent of Business Email Compromise scams request payroll diversions new data from the Anti-Phishing Working Group (APWG) revealed in a report published last week. 11 percent of businesses surveyed in Microsoft’s 2019 Global Cyber Risk Perception Survey said they are confident about their cyber resilience.

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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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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.

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PYMNTS

FEBRUARY 8, 2019

The disclosures come as Wirecard has said that back in April of 2018, an employee of its Singapore operations had raised concerns about another member of the team. The policy is known as “dots don’t matter” and research firm Agari has found that business email compromise fraud has been exploiting the effort.

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Scams Fraud Prevention Email Compromise Compliance 67

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.

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PYMNTS

SEPTEMBER 9, 2019

billion has been lost to the Business Email Compromise scam between 2013 and 2018 , data analyzed by cybersecurity firm Agari, in conjunction with the Federal Bureau of Investigation’s Internet Complaint Center, revealed.

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Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

DECEMBER 21, 2018

The findings came from a survey of 2,000 individuals between 2013 to 2018. In examples of the ill-famed business email compromise ( BEC ) scams that seem to make frequent headlines, $1 million was transferred from the Save the Children Foundation. billion has been stolen via BEC from October 2013 to May 2018.

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Business Email Compromise Email Compromise Advisors FBI 60

PYMNTS

APRIL 4, 2019

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. New Attacks Emerge.

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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.

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PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts.

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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. million remains missing.

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PYMNTS

MAY 2, 2019

Last year saw record levels of venture capital pumped into cybersecurity startups, and researchers at Gartner expect companies to increase cybersecurity spend by 9 percent between 2018 and 2019, reaching $124 billion. Twenty-nine percent said payment data was compromised, while nearly one-quarter said proprietary company data was exposed.

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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. Meanwhile, the Better Business Bureau said 80 percent of businesses received at least one kind of BEC scam email in 2018.

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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.

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PYMNTS

FEBRUARY 22, 2019

Much has been said in this space about Business Email Compromise ( BEC ) scams, where bad actors frequently pose as corporate officials, directing targeted individuals to send money to different accounts, or they pose as suppliers and present phony invoices to be paid. He had been accused of stealing $5.3

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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.

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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.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

APRIL 10, 2019

The Association of Financial Professionals released new data this week that revealed the threat of payments fraud continues to climb, particularly for large enterprises, as scams like ACH fraud and the Business Email Compromise climb to record levels. But the latest analysis of U.S.

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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. The tactic is relatively simple.

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PYMNTS

JUNE 14, 2018

In an illustration of just how widespread payments fraud can be, consider the 2018 AFP Payments Fraud Survey , underwritten by JPMorgan, which a few weeks ago found that such activity hit a new high last year. As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017.

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PYMNTS

JUNE 26, 2018

High-profile data breaches and attacks have catapulted cybersecurity to the top of executives’ priority lists, and investments in cybersecurity solutions are soaring: The 2018 Harvey Nash/KPMG CIO Survey found businesses surveyed spend a combined $46 billion on cybersecurity every year.

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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. That means employees at the targeted firm are more likely to trust that bad actor and comply with directions that may lead to a data breach.

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FICO

APRIL 29, 2022

04%), NACHA officials say business email compromise attempts are on the upswing – just as they are across every channel. I blogged about this tragic phenomenon in 2018 and my advice rings as true as ever. ACH volumes in the United States increased 8.7% in 2021, with P2P transactions up nearly 25%, to 271.2

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Retail Payments Zelle Consumer Romance Scams 52

PYMNTS

DECEMBER 12, 2017

When it comes to wire transfers, meanwhile, separate analysis from the AFP found that 74 percent of companies surveyed said they were hit with a business email compromise scam in 2016, which typically involves scammers requesting payment via wire transfer for a fraudulent invoice.

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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. .

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Faster Payments APACS Real Time Payments Financial Crimes 43

PYMNTS

FEBRUARY 14, 2020

Cross-Border Payments: Cross-border transfers over SWIFT’s global payments innovation (also known as gpi) topped $77 trillion last year, almost double the $40 trillion that moved through the service in 2018. That’s up 40 percent over 2018. B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise.

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Business Email Compromise Cross-Border Romance Scams FTC 52

CB Insights

JULY 23, 2020

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. Past incidents from biotech and genealogy companies have dampened public trust in the privacy of health data.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101