PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams. Department of General Services.

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Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. And while the BEC is not the most common form scam, it is a lucrative one. billion (or slightly over half) of all losses tracked in 2019.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

FEBRUARY 1, 2021

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. Cybercriminals are using the tactic to steal company credentials, including executive email addresses, which are then sold on the dark web.

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Data Breach Breach Business Email Compromise Scams 136

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?

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Business Email Compromise PayPal Email Compromise Scams 40

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.

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Business Email Compromise Scams Crime Email Compromise 91

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. In business operations, BEC is often used to manipulate individuals within an organization for financial fraud or unauthorized access to sensitive information. What is Business Email Compromise (BEC)?

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Email Compromise Business Email Compromise Compromise Phishing 52

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.

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Business Email Compromise Security Scams Email Compromise 44

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.

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Scams Business Email Compromise Email Compromise Federal Trade Commission 87

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.

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B2B Wire Transfer Cybersecurity FBI 89

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.”.

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Phishing Scams Business Email Compromise Email Compromise 51

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.

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Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

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

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Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

DECEMBER 17, 2019

According to the report, the scheme is complicated for companies as the fake sites’ internet addresses are convincing. In separate news, researchers at Agari were warning of Silent Starling, the newest cybercriminal ring using a vendor email compromise (VEC) scam to purloin company cash from supply chains per news in October.

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Credential Scams Email Compromise Business Email Compromise 40

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.

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Data Breach Breach Small Business Business Email Compromise 80

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 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.

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Addressing Security Cybersecurity Email Compromise 43

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.

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Scams Business Email Compromise Email Compromise Payer 40

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).

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Business Email Compromise Email Compromise Payroll IRS 43

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.

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Direct Deposit Scams IRS Business Email Compromise 54

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 tactic is relatively simple. BioCatch also pointed to open banking as another FinServ trend imposing changes on corporate fraud risks. The emergence of open banking in the U.K.

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Faster Payments Business Email Compromise Treasury Real Time Payments 56

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. What Is a Business Email Compromise Attack?

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Email Compromise Compromise Business Email Compromise Risk 52

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.

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Ransomware Online and Mobile Banking Scams Small Business 77

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.

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Cross-Border Wire Transfer B2B Cross-Border Payments 64

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.

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Cybersecurity Visa Data Breach Small Business 56

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.

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Email Compromise Compromise Business Email Compromise Phishing 96

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

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.”. Faster Payments/Faster Fraud in the UK?

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APACS Law Enforcement Irrevocability Credit Cards 60

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.

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Cybersecurity Small Business Phishing 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

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.

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Same Day ACH ACH ODFI Faster Payments 40

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).

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Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

MAY 5, 2017

The compromised Sabre system reports offering seamless connectivity to over 120 property management, 7 revenue management, 7 CRM and 18 content management solutions according to the company’s website. A number of officials have spoken out against SWIFT’s lack of action in addressing these flaws and broader security concerns.

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Breach Business Email Compromise Data Breach Cybersecurity 45

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. Education from FIs has been key, noted Arruda, who added that warnings from banks and credit unions has increased awareness about various scams including business e-mail compromises.

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FBI Credit Union Credential Cybersecurity 50

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