article thumbnail

BEC Tops Fraud Attempts Against Treasurers: Survey

PYMNTS

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. That figure marks the second-highest percentage in the past 10 years.

article thumbnail

BEC Scammers Embrace Coronavirus Opportunity

PYMNTS

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. Indeed, only days later, Europol announced an arrest into one BEC scam involving the procurement of personal protective equipment (PPE).

article thumbnail

BEC Fraudsters Eye HR Departments As Prey      

PYMNTS

Thus, business email compromise fraud (BEC) is evolving too. As reported in darkreading.com, the gangs using BEC – new gangs and seasoned gangs – have recently been targeting human resource and finance professionals to grab direct deposit payroll information to siphon off funds.

article thumbnail

Business Email Scams Spin Even Wider Webs

PYMNTS

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. The problem is getting worse, according to the Association for Financial Professionals’ (AFP) latest Payments Fraud and Control Survey Report.

Scams 55
article thumbnail

Corporate Payments Fraud Jumps Despite Stronger Internal Controls

PYMNTS

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. ”

AFP 69
article thumbnail

Breaking Down The Data Behind Record Levels Of B2B Payments Fraud

PYMNTS

The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam.

AFP 40
article thumbnail

Today In Data: B2B Payments Fraud

PYMNTS

74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was. Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016.

B2B 40