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BEC Tops Fraud Attempts Against Treasurers: Survey

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The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. ACH payment methods also seem to be of greater interest to scammers.

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BEC Scammers Embrace Coronavirus Opportunity

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B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. Indeed, only days later, Europol announced an arrest into one BEC scam involving the procurement of personal protective equipment (PPE).

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BEC Fraudsters Eye HR Departments As Prey      

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Thus, business email compromise fraud (BEC) is evolving too. As reported in darkreading.com, the gangs using BEC – new gangs and seasoned gangs – have recently been targeting human resource and finance professionals to grab direct deposit payroll information to siphon off funds. ACH in the Crosshairs, Too.

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Business Email Scams Spin Even Wider Webs

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If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. The problem is getting worse, according to the Association for Financial Professionals’ (AFP) latest Payments Fraud and Control Survey Report.

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Corporate Payments Fraud Jumps Despite Stronger Internal Controls

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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. ”

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Breaking Down The Data Behind Record Levels Of B2B Payments Fraud

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The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam.

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