PYMNTS

JULY 25, 2018

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

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

APRIL 14, 2017

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

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

APRIL 12, 2019

Said Adrien Gendre, chief solution architect for Vade Secure, on the site: the email scams “are not isolated, that’s for sure.”. The latest data from the AFP finds that last year as many as 33 percent of organizations were subject to ACH debit fraud. The BEC attempts are also relatively cheap campaigns to wage on firms.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

DECEMBER 12, 2017

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.

Accounts 44

Accounts Wire Transfer Wire Wires 44

PYMNTS

JUNE 14, 2018

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.

AFP 41

AFP Accounts Wires Wire 41

PYMNTS

APRIL 14, 2017

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. 10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40