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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.

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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.

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BEC Fraudsters Eye HR Departments As Prey      

PYMNTS

Thus, business email compromise fraud (BEC) is evolving too. The Association for Financial Professionals ( AFP ) found that although automated clearing house transactions are generally regarded by CFO.com to be relatively “safer” than other types of transactions — say, paper checks — fraud involving ACH is on the rise.

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Standard Chartered Woes Extend To Expense Account Fraud

PYMNTS

In an illustration of just how widespread payments fraud can be, consider the 2018 AFP Payments Fraud Survey , underwritten by JPMorgan, which a few weeks ago found that such activity hit a new high last year. The next most prevalent activity was wire fraud, at 48 percent, followed by corporate fraud at 30 percent.

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Today In Data: B2B Payments Fraud

PYMNTS

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions.

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Accountants Find Their Place In SMB FinTech Disruption

PYMNTS

Paper checks for domestic suppliers, wire transfers for international ones. Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire.