Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Let’s look at what business email compromise attacks are and explore some of the many ways you can combat them. What Is a Business Email Compromise Attack? Reported losses in 2020 exceeded $4.2

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Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. More Vulnerable in AP.

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PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

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PYMNTS

AUGUST 24, 2020

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. One seemingly real enquiry to change bank account details can — and often does — mean millions of dollars lost.

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PYMNTS

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. Attackers then use that malware to access bank accounts.

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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. Payroll diversion has become a significant form of payments fraud as well — in this case, the bad actors snare login credentials from employees, and change direct deposit information.

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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. It’s all in the name of siphoning company cash from accounts payable operations, and experts say the threat will continue to increase.

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PYMNTS

APRIL 4, 2019

Meanwhile, instances of the Business Email Compromise (BEC) are also on the rise: About 47 percent of all incidents examined last year were the result of a hack or malware — and, of those, about half were BEC scams. Through the spear phishing campaign, an unwilling employee inputs those credentials for the criminal.

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PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. Vade Secure has noted that such activities now include initial approaches to HR executives, where the goal is to get them to redirect funds to the fraudsters’ own accounts. The BEC attempts are also relatively cheap campaigns to wage on firms.

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PYMNTS

AUGUST 30, 2017

Cybersecurity consulting firm Akouto Consulting has a warning for businesses: There has been an increase in instances of malware able to bypass traditional antivirus measures, threatening business bank accounts. Once the user clicks on the PDF file, the computer is infected and finds more email addresses to spread.

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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. Cyberattackers may send ransomware via email with links that will lock out a device owner’s access to files when that link is clicked.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

MAY 2, 2019

Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. MeDoc serviced a range of organizations that were ultimately impacted as a result of the accounting firm’s Not Petya infection, from hospitals to logistics firms.

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FICO

APRIL 29, 2022

Crypto is the latest addition to the mix, with several crypto-friendly banks putting cryptocurrency within close proximity of DDA accounts. And of course the latest news where Fidelity announced it will allow investors to buy crypto in their retirement accounts! . ACH volumes in the United States increased 8.7%

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PYMNTS

APRIL 9, 2018

Likewise, cybersecurity tools are limited when stopping other employee behaviors that lead to data breaches, like sending credentials or money to bad actors and fraudulent accounts. IBM warned that some of the most common human errors linked to data breaches involve “basic misjudgment.” To err is human,” IBM said in its report.

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PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. The impact from a data breach on an enterprise can be a mixed bag. 2013, resulting in $3.1

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PYMNTS

APRIL 5, 2019

But at least the knowledge is there, the roadmap, the letters and number and punctuation marks that make it harder for the bad guys to get into your email and bank accounts. But all too often we don’t know just who is on the other side of emails.

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PYMNTS

JUNE 3, 2020

This means, according to Tharle, that fraudulently obtained monies can be moved through several accounts in the span of minutes, which makes the money trail virtually untraceable. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

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