PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account. They reportedly transferred $6.5

Business Email Compromise 86

Business Email Compromise FBI Bitcoin Email Compromise 86

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.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

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

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

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 FBI Cybersecurity 89

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. 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.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

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.

Scams 56

Scams Email Compromise Compromise Correspondent 56

PYMNTS

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.

B2B 114

B2B Reconciliation Payments Automation 114

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

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

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

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

Business Email Compromise Scams Email Compromise Crime 91

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.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

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

Phishing 51

Phishing Scams Business Email Compromise Email Compromise 51

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.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

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

Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

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). .

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

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.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

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

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.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

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

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.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

SEPTEMBER 9, 2019

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

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

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 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

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.

Email Compromise 40

Email Compromise Scams Online and Mobile Banking Crime 40

PYMNTS

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.

Email Compromise 49

Email Compromise Cybersecurity Small Business Consulting 49

PYMNTS

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.

Security 44

Security Data Breach Account Takeovers Breach 44

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

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

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

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

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.

Small Business 43

Small Business Email Compromise Laws Non-Bank 43

PYMNTS

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.

Email Compromise 59

Email Compromise Scams Correspondent Phishing 59

PYMNTS

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.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

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

Cross-Border 64

Cross-Border Wire Transfer B2B Wire 64

PYMNTS

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.

Cybersecurity 40

Cybersecurity Email Compromise Small Business Account Takeovers 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).

Business Email Compromise 43

Business Email Compromise Email Compromise Payroll IRS 43

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.

Breach 52

Breach Multifactor Authentication Ransomware Email Compromise 52

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

Faster Payments Business Email Compromise Treasury Real Time Payments 56