PYMNTS

FEBRUARY 1, 2021

Cybercriminals are using the tactic to steal company credentials, including executive email addresses, which are then sold on the dark web. At least 44 percent of the 2020 data breaches examined in the report involved phishing or BEC scams, while 694 businesses reported having been impacted by cyberattacks on their supply chains last year.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 200 percent more BEC scams hit U.S. ” The U.K.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. The government and financial services sector are now exploring how to address the issue after payment group Pay.UK Meanwhile, in the U.K.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

APRIL 14, 2020

With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments. The Burden Of Responsibility.

Email Compromise 96

Email Compromise Compromise Business Email Compromise Phishing 96

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. Just last week, IBM cybersecurity experts uncovered a widespread BEC attack targeting players in the coronavirus vaccine supply chain. But the BEC scam is not the only kind of business payments fraud plaguing firms today.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

SEPTEMBER 9, 2019

In the United Kingdom, online marketplace news site Tamebay reported this past week that eBay has allegedly not stopped a scam where fraudsters changed details of sellers’ PayPal addresses and diverted funds into scammers’ accounts. PayPal accounts are then set up and funds diverted. Why is there no warning on the seller dashboard?

Business Email Compromise 40

Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

SEPTEMBER 30, 2019

The FBI has been vocal in recent years about the growing threat and subsequent damages linked to the Business Email Compromise (BEC) scam, which targets accounts payable departments in an attempt to steal company cash. The operation also reportedly led to the recovery of about $118 million in fraudulent wire transfers linked to BEC scams.

Email Compromise 56

Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment.

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. The report states that these victims mostly lost their money to BEC scams. The report states that these victims mostly lost their money to BEC scams. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

JANUARY 18, 2021

Yet the new bill fails to address the gaps that allowed for fraudulent activity among some businesses that had secured PPP loans in the first round of stimulus, the publication alleges. 500,000 or more in fines may be issued to a Massachusetts woman who pleaded guilty to taking part in a BEC scam, according to a press release by the U.S.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

OCTOBER 17, 2018

The SEC’s investigations focused on “business email compromises” (BECs), where criminals posed as company executives or vendors and used emails to trick employees into sending large sums to fraudulent bank accounts. The activity sometimes lasted months and was often only discovered after law enforcement or other third parties got involved.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

PYMNTS

SEPTEMBER 21, 2019

In this context, the House Financial Services Committee’s Task Force on Artificial Intelligence met earlier this month to discuss the rising threat of small business cyberattacks, the role of technology in combatting it, and the potential for regulation to address security risks.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

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. It is so easy for attackers to pull off these kinds of scams,” he said. A Sophisticated Attack.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

SEPTEMBER 8, 2020

Ma Labs reportedly fell victim to a targeted attack by the operators of REvil ransomware, and the attackers now reportedly have data linked to Ma Labs' developers, employees and clients, including bank information and email addresses. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

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. Researchers advised small business owners to not download any email attachments from an unnamed address. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Those customers have been seeing an uptick in BEC fraud, identity theft and synthetic ID schemes, and in some cases the bad actors have been trying to siphon off funds from the Paycheck Protection Program (PPP).

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

JULY 30, 2018

A recent warning from the Federal Bureau of Investigation revealed that business email compromise (BEC) scams have now led to $12 billion in diverted funds. “That’s an instant foot in the door.”.

Phishing 51

Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

NOVEMBER 7, 2017

This can include the dreaded Business Email Compromise (BEC) scam, which, in some cases, involves attackers infiltrating email accounts to identify speech patterns and business partners and more convincingly pose as a legitimate contact.

Addressing 43

Addressing Security Cybersecurity Email Compromise 43

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 Federal Bureau of Investigation (FBI) has now pegged total losses to BEC scams at $12 billion across 150 countries, marking a 136 percent rise in BEC cases between December 2016 and May 2018.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

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. The IRS cited “spoofed” addresses that seemed official.

Direct Deposit 54

Direct Deposit Scams IRS Business Email Compromise 54

PYMNTS

JULY 15, 2019

The report said the fraud had been identified and addressed. In terms of individual fraud incidents, in Georgia, in June, the cyber-thieves were able to steal more than $800,000 from the city of Griffin via the ruse that is known as business email compromise (BEC).

Business Email Compromise 43

Business Email Compromise Email Compromise Payroll IRS 43

PYMNTS

NOVEMBER 13, 2020

billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S. companies losing roughly $1.77 The Pandemic And Changing B2B Needs.

Cross-Border 64

Cross-Border Wire Transfer B2B Wire 64

PYMNTS

FEBRUARY 3, 2020

The majority of businesses are at risk for an array of cybersecurity incidents, including the business email compromise (BEC) scam, which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. .

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

NOVEMBER 9, 2017

Payments System Regulator (PSR) is taking steps to address the 100 payment scams hitting consumers and businesses every day. Some of these scams are initiated via the Business Email Compromise (BEC) scam, which involves criminals sending seemingly legitimate invoices to business professionals with requests for payment.

Scams 40

Scams Business Email Compromise Email Compromise Payer 40

PYMNTS

FEBRUARY 20, 2019

19), Mastercard announced the launch of its Cybersecurity Toolkit for SMBs, an online resource developed in partnership with the Global Cyber Alliance (GCA) that provides entrepreneurs and business executives with guidance and tools to address the threat of cyberattacks on their companies. In a press release on Tuesday (Feb.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

DECEMBER 17, 2019

According to the report, the scheme is complicated for companies as the fake sites’ internet addresses are convincing. Anomali, a security firm, says it has found bogus websites of the U.S., Mexico, Canada, Sweden, Australia and South Africa. Two international courier websites were also reportedly spoofed.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

MAY 5, 2017

A number of officials have spoken out against SWIFT’s lack of action in addressing these flaws and broader security concerns. BEC fraud has been on the rise across the globe, seeing a 45 percent spike quarter-over-quarter in Q4 2016, and costing the world billions. Hacker Creates Worm That Bricks Unsecured IoT Devices.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

AUGUST 10, 2018

Those threats are vast, but Womply’s own research has found that most of these attacks are in the form of phishing and business email compromise (BEC) scams. On the other side of this coin is the cybersecurity threats that inevitably come with establishing a digital presence of any kind.

Cybersecurity 40

Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

SEPTEMBER 9, 2016

He said the majority of the company’s customers view the upcoming Same Day ACH implementation in one of two ways: It’s simply a regulatory compliance issue they must address now, or it’s a longer-term initiative that could lead to business opportunities. A total of 17,642 reports of BEC were reported to authorities between Oct.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

JULY 16, 2019

The business email compromise (BEC) already takes advantage of email security vulnerabilities or deploys a social engineering strategy to convince accounts payable professions or other executives to pay a fake invoice into a fraudster’s account. However, revelations of the security flaw shed light on the evolving face of invoice fraud.

Security 40

Security Payment APIs and Integration Small Business Email Compromise 40

PYMNTS

JANUARY 30, 2020

” He highlighted common scams, including CEO fraud and invoice fraud, often carried out via the Business Email Compromise (BEC) — in which a scammer imitates a legitimate company executive or trusted supplier to initiate a B2B payment to a vendor.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

CB Insights

JULY 23, 2020

In this report, we dive into some of the technologies that will help address these concerns and influence the future of the office space, from autonomous cleaning solutions to people-counting sensors. Companies are already looking to address these shortfalls, adapting their products to minimize disruptions in the remote working experience.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

NOVEMBER 9, 2018

In a statement that accompanied the findings, Christophe Renard, VP of CWT Solutions Group, the consultancy arm of CWT, said that “travel managers need to address the misuse of company cards — and also work out why travelers don’t follow the rules.”.

APACS 60

APACS Law Enforcement Irrevocability Credit Cards 60

PYMNTS

OCTOBER 5, 2020

The companies were recipients of emails that appeared to be from a standard procurement address or a person who indicated that his or her position was the chief procurement officer. Those communications asked for the prices of electronics, healthcare technologies and information technology-related products.

Ransomware 54

Ransomware AFP Breach Payments 54

PYMNTS

APRIL 5, 2019

Thus, they craft missives that seems friendly, even familiar, lulling victims with e-mail addresses that may even be, on first or second glance, legit. There’s a lot of fodder out there for the scammers, said Arruda, with information on one’s comings and goings on Facebook, on LinkedIn and beyond.

FBI 50

FBI Credit Union Credential Cybersecurity 50

The Payments Association

FEBRUARY 17, 2025

This access is often exploited for malicious campaigns, such as reading sensitive emails, altering mailbox rules, or initiating business email compromise (BEC) schemes to target external recipients in the victims network.

Phishing 88

Phishing Multifactor Authentication Authentication Credential 88