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. billion in 2019. in recent years.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

FEBRUARY 24, 2020

Separate research from Coveware found companies paid an average of $84,116 to recover their files in Q4 2019, reports said, adding that public entities accounted for about one-tenth of 2019’s cases. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

JUNE 22, 2020

Worse, between 2019 and 2020, total financial losses increased by 14 percent, while lost time increased to 38 percent as a result of fraud. 37 percent fewer BEC attacks targeted the C-Suite in Q1 , according to new data from Abnormal Security. .” Coronavirus-related scams are on the rise, too, researchers found.

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

Scams 62

Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

SEPTEMBER 21, 2019

Information on phishing email or BEC scam campaigns, for instance, can be shared to help small businesses protect themselves before an attack occurs. 11 percent of businesses surveyed in Microsoft’s 2019 Global Cyber Risk Perception Survey said they are confident about their cyber resilience.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

OCTOBER 7, 2020

The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist. The Dark Web Likes Bitcoin, Too .

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Bitcoin Consumer Cryptocurrency Scams 93

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 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

APRIL 10, 2019

In a press release Tuesday (April 9), the AFP announced that its 2019 AFP Payments Fraud and Control Survey , underwritten by JPMorgan, found record highs for the percentage of companies hit by payments fraud.

AFP 69

AFP Scams Email Compromise ACH 69

PYMNTS

JULY 5, 2019

App Revenues: $39 billion of anything is a lot, and that’s especially true of app store spending , where sales rose 15 percent to that level, year over year, as measured in the first half of 2019. BEC: Fraudsters are leveraging variants in business email compromise (BEC) fraud, finding new ways to siphon off money from corporates.

Business Email Compromise 51

Business Email Compromise Email Compromise Phishing Database 51

PYMNTS

NOVEMBER 13, 2020

A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019.

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Cross-Border Wire Transfer B2B Wires 64

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. . The threat actor set its sights on more 3,000 employees from 2,100 companies between April and August of 2019. .

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

PYMNTS

SEPTEMBER 11, 2019

Email often gets overlooked in the 2019 digital economy, given the higher levels of excitement attached to social media, video and other, more cutting-edge tools — to say nothing of the use of text as a communication tool. The operation also resulted in the seizure of nearly $3.7

Scams 65

Scams Email Compromise Compromise Wires 65

PYMNTS

DECEMBER 24, 2018

He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. And, as of now and looking ahead, among the more prevalent criminal methods focused on business, according to Divitt: new relationship fraud. So beware, or at least view skeptically, what is in your inbox.

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

OCTOBER 5, 2020

81 percent is the share of business owners who experienced payments fraud in 2019, according to a JPMorgan Chase announcement , citing a recent poll by the Association for Financial Professionals (AFP) and J.P.

Ransomware 54

Ransomware AFP Breach Payments 54

PYMNTS

FEBRUARY 14, 2020

B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. billion in losses were due to BEC fraud last year. Those companies have been asked to turn over documents to the FTC related to acquisitions spanning 2010 to 2019. That’s up 40 percent over 2018. An estimated $1.77

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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. While this survey by Omnico Group took place in 2019, these stats might be even higher now in the wake of Covid-19. Source: Abnormal Security.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101