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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.

Cybersecurity 76

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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. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise 51

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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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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. But new concerns are mounting over the U.S. government's inability to curb the risk of fraud that emerged during the first round of PPP funding.

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FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams. Only then did the bookkeeper realize that a fraudster had slightly altered Corcoran’s assistant’s email address to be more convincing.

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DECEMBER 29, 2020

Often, the first line of defense against a business email compromise or vendor impersonation attack is the person sitting on the receiving end of those threats, making education vital to protecting company funds.

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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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MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

Business Email Compromise 56

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DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions.

Business Email Compromise 91

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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.

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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. “By targeting popular brands, recipients are more likely to have a relationship with the company being impersonated,” said cybersecurity company MailGuard.

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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. At the heart of BEC and other scams is impersonation.

Deepfake 61

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FEBRUARY 8, 2019

In looking at scams designed to steal money from unwitting victims, fraudsters have been taking advantage of the fact that Gmail (Google’s email offering) can ignore “extra” dots in an address. The scam comes as multiple variants of a legitimate email address can be used to trick users (including banks and other entities). .

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JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. That’s especially important as criminals seek to use eCommerce to commit what might be termed “authorized fraud” as bad actors get hold of card details or log-in credentials, pose as legitimate account holders and send payments.

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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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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.

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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

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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. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K.

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SEPTEMBER 9, 2019

Australia is now seeking comment from industry experts to address modern cyber threats in both the private and public sector.

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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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FEBRUARY 20, 2018

This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. Push payment fraud occurs when a business or individual is coaxed into sending money for seemingly legitimate invoices when a scammer requests payment.

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MARCH 28, 2018

Compromise Security For Customer Experience. Sophisticated data analytics technologies like machine learning and artificial intelligence can help SMBs and large enterprises alike in maintaining a positive customer experience without compromising security, according to Lee. “We They’re attacking your customers directly.

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AUGUST 30, 2017

According to the cybersecurity firm, the malware is triggered via the business email compromise scam, in which someone is sent an email with a seemingly legitimate invoice in PDF form. Once the user clicks on the PDF file, the computer is infected and finds more email addresses to spread.

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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. Attackers also turn to developing fraudulent portals to compromise professionals’ email credentials, for example.

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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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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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APRIL 29, 2019

The SEC has initiated several efforts to address friction and wrongdoing in the small business lending market in recent years as alternative and marketplace lending, regulations and other factors disrupt the current landscape of SMB capital and finance.

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APRIL 2, 2019

While the case sheds light on the ongoing threat of the business email compromise and other invoice scams, it also revealed how even the largest, most tech-savvy companies of the world can fall far, far short on their spend management processes.

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OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. Investors rely on our public issuers to put in place, monitor and update internal accounting controls that appropriately address these threats.”. The SEC may urge caution, but victimization continues, even at the government level.

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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. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts. companies losing roughly $1.77

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APRIL 26, 2018

According to Barclays , much of this loss is linked to crimes like account takeovers and business email compromise scams, in which fraudsters target SMBs’ B2B transactions to steal funds. More than a third said they know they lack the expertise necessary to address cybersecurity threats.

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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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PYMNTS

SEPTEMBER 14, 2020

Particularly as cyberattacks rise in frequency as a result of malicious actors looking to capitalize on pandemic-related fears, organizations of all kinds will continue to face the threat of ransomware, the business email compromise and other types of attacks.

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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. 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.

Faster Payments 56

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NOVEMBER 17, 2020

More banks are requiring their customers to authenticate their identities using their email addresses, but customers would rather use fingerprint scans and PINs. Forty-six percent of individuals surveyed said that they would be more inclined to use apps if those apps offered transaction-specific authentication controls.

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PYMNTS

JUNE 26, 2018

Take, for instance, the Business Email Compromise, a scam that is attributed to an estimated $5.3 Though companies large and small can agree that employees expose their firms to security risks, there is a significant difference in how companies of varying sizes address their employee weak points.

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APRIL 9, 2018

But this trend is also due, in part, to the fact that technology today only goes so far to address cyberthreats. This could mean an employee storing sensitive company data on a personal device, or workers falling for phishing emails that lead to a data breach, business email compromise, malware or account takeovers. “To

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