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Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. The government and financial services sector are now exploring how to address the issue after payment group Pay.UK
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.
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.
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. .
Payments System Regulator (PSR) is taking steps to address the 100 payment scams hitting consumers and businesses every day. Analysts noted an estimated 19,000 push payment scams were carried out in the first six months of 2017 alone, making it the second-largest scam type in the nation, behind card fraud.
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