PYMNTS

FEBRUARY 3, 2020

The accused allegedly tapped a network of 49 shell firms for the business to business (B2B) scam that defrauded the government. When it comes to B2B payment scams , it’s not only outsiders but entities’ own internal personnel that is often the cause of fraudulent activity.

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Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

JANUARY 13, 2020

As Travelex works to regain control of its systems, restore operations and mitigate any future fallout from the incident, the cyberattack is yet another reminder that one company’s cyber vulnerabilities can have far-reaching effects throughout the B2B supply chain.

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B2B Wire Transfer Cybersecurity FBI 89

PYMNTS

NOVEMBER 18, 2019

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. 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 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. Beyond The BEC.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. billion from unsuspecting companies. According to reports, funds wired are rarely recovered.

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FBI Scams Email Compromise Wires 40

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. According to the publication, scammers using the BEC, in which a fake invoice is sent to a company with request for payment, have stolen “large sums of money” from art galleries in the U.K.

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Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. 2013, resulting in $3.1 billion worth of corporate funds at risk.

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Cybersecurity Data Breach Assessments Breach 40