PYMNTS

APRIL 13, 2020

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. Its survey, underwritten by JPMorgan, found that the BEC scam was the most popular attack, with 75 percent of all companies surveyed saying they were impacted by it in some way in 2019.

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

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. 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.

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

SEPTEMBER 23, 2020

A study from the Cifas National Fraud Database found that identity theft against consumers over the age of 61 rose by 22 percent in 2019, contributing to an 18 percent increase in identity theft overall. billion in 2019. For more on these and other financial crime news items, download this month’s Playbook.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

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. Analysis of BEC complaints filed in 2019 found that BEC scams accounted for nearly half of the $3.5

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

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.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

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

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

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. In Q4 2019, 104 percent more ransomware payouts were made than in Q3 , with the average payment during Q4 hitting $84,116, according to Coveware’s Q4 Ransomware Marketplace Report. The estimated cost for New Orleans to restore City Hall operations totaled to $7.2

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

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 .

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

JUNE 12, 2019

Among these new services, the top focus is real-time payments (55 percent), followed by same-day ACH (44 percent) and blockchain-based networks (35 percent), according to Bottomline Technologies’ 2019 B2B Payments Survey. There is also a wealth of public and private data that can be amassed in order to launch an offensive against a company.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

PYMNTS

SEPTEMBER 9, 2019

29 percent of small businesses spend less than $1,000 on IT security each year , data from Untangle revealed in its 2019 SMB IT Security report. Below, PYMNTS looks at some of the numbers behind changing cybersecurity strategies.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

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

AUGUST 12, 2019

Business email compromise has come to high school sports. As noted in the August 2019 “The State of AI in Business Spend,” 96.3 As reported this past week by Fox 5 in Washington, D.C., The real vendor responsible for the field is still awaiting payment,” reported the site. percent is travel and expense (T&E)-based.

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

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.

Cross-Border 64

Cross-Border Wire Transfer B2B Wire 64

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

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. According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

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. million business email compromise scam.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

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

FEBRUARY 11, 2020

More recently, today email cybersecurity firm Vade Secure announced the release of its own research on the most common mechanism through which cyberattackers commit their ransomware scams: phishing attacks.

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58

FICO

DECEMBER 20, 2022

Tue, 07/02/2019 - 02:45. FIs should consider educating customers on how to defend their own payment processes from business email compromise and impostor scams, and ensure trust, security and authenticity in ACH transactions. 5 Ways Digital Payments Will Change FIs and Fraud in 2023. FICO Admin. by TJ Horan.

Digital Payments 52

Digital Payments Scams BNPL ACH 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.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

FEBRUARY 14, 2020

B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. 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 billion in losses were due to BEC fraud last year.

Business Email Compromise 52

Business Email Compromise Cross-Border Romance Scams FTC 52