PYMNTS

DECEMBER 14, 2020

Treasury and Commerce departments are unable to protect their digital databases, lesser organizations would be seemingly hard-pressed to prevent similar security breaches. Chamber of Commerce has been an active advocate on the subject, from its calls for increased cybersecurity coordination within the recent U.S.

Government 85

Government Governance Security Cybersecurity 85

PYMNTS

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. Over the last 10 to 15 years, the CIS has gathered data about the controls that would significantly reduce the likelihood of a data breach, if implemented. ” The Larger Trends. “We

Business Email Compromise 61

Business Email Compromise Email Compromise Scams Compromise 61

PYMNTS

MAY 5, 2017

It’s been a big week in the broader cybersecurity realm, starting with a data breach of Sabre Corporation’s hospitality unit. The compromised Sabre system reports offering seamless connectivity to over 120 property management, 7 revenue management, 7 CRM and 18 content management solutions according to the company’s website.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

SEPTEMBER 14, 2020

The fallout continues to grow, with reports noting its slew of nonprofit and corporate customers have now been exposed to security threats as a result of data stolen in the Blackbaud breach. Cybersecurity experts at Breach Clarity now peg the number of clients impacted at 136. Blackbaud's data breach isn't unique, per se.

Breach 52

Breach Multifactor Authentication Ransomware Email Compromise 52

PYMNTS

MAY 2, 2019

Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. The findings are troubling: 44 percent of survey respondents said their companies had experienced “a significant, business-altering data breach caused by a vendor.”

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

DECEMBER 30, 2016

Bank heists and data breaches saw no shortage in 2016, and corporates large and small could no longer avoid the risk of a cyberattack. 2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. In addition, the battlefield is evolving.

Checks 58

Checks Email Compromise Security Compromise 58

PYMNTS

MARCH 28, 2018

Less obvious, however, is the financial impact of data breaches, content abuse and similar cases. ” The multibillion-dollar losses incurred by Facebook “because of that breach in trust” are proof that content abuse and data breaches have clear financial impacts. Compromise Security For Customer Experience.

Security 44

Security Data Breach Account Takeovers Breach 44

PYMNTS

OCTOBER 12, 2020

Healthcare is another major industry that Whitney said is one of “the most at-risk for ransomware and data breaches” with federally mandated patient privacy requirements (HIPPA) being widely implemented and having a compliant IT security framework that is up to date and in place is essential.

Cybersecurity 83

Cybersecurity B2B Email Compromise Business Email Compromise 83

PYMNTS

MARCH 1, 2017

Research released only days ago from Centrify found that two-thirds of surveyed companies have experienced at least five security breaches in the past two years, while separate analysis from the Identify Theft Resource Center and CyberScout have pegged 2016 as a record year for cyberattacks in the U.S.

Cybersecurity 48

Cybersecurity Phishing Email Compromise Breach 48

PYMNTS

APRIL 4, 2019

As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR). The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads.

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

FEBRUARY 24, 2020

AP departments are the prime targets of bad actors, and automating AP processes poses a strong defense against criminal breaches. The uptick in fraud, such as the Business Email Compromise, has continued to target areas like bank transactions, despite firms’ increased spending on anti-fraud measures, the survey found.

Automation 89

Automation Email Compromise On-Demand Process 89

PYMNTS

APRIL 10, 2019

The Association of Financial Professionals released new data this week that revealed the threat of payments fraud continues to climb, particularly for large enterprises, as scams like ACH fraud and the Business Email Compromise climb to record levels. But the latest analysis of U.S. But the latest analysis of U.S.

Risk 54

Risk Risk Mitigation Risk Management Data Breach 54

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

APRIL 9, 2018

The high-profile data breach that hit Saks and Lord & Taylor was already eclipsed just days later when news of possible similar attacks at Best Buy, Delta and others hit headlines. Gartner research director Ruggero Contu cited high-profile attacks, like the Equifax breach , as a key motivator behind this spend.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

JUNE 26, 2018

High-profile data breaches and attacks have catapulted cybersecurity to the top of executives’ priority lists, and investments in cybersecurity solutions are soaring: The 2018 Harvey Nash/KPMG CIO Survey found businesses surveyed spend a combined $46 billion on cybersecurity every year. ”

Cybersecurity 43

Cybersecurity Data Breach Breach Email Compromise 43

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

MAY 2, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for a $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

JUNE 23, 2016

The impact from a data breach on an enterprise can be a mixed bag. 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.

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

PYMNTS

JANUARY 23, 2017

Its latest analysis, released in conjunction with the Identity Theft Resource Center, found an all-time-high number of data breaches, with 1,093 incidents recorded in 2016. But researchers questioned whether the increase is due to more breaches or simply more publicly available data on the topic.

Risk 43

Risk AFP Identity Theft Email Compromise 43

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 Wires 64

PYMNTS

NOVEMBER 7, 2017

In a survey of business professionals, researchers found that a slight majority (52 percent) acknowledge that a security breach will happen to them at some point — a slight increase from 51 percent last year. Further, 42 percent said they are unsure of how to handle a targeted cyberattack and other types of threats. Targeted Attacks.

Addressing 43

Addressing Security Cybersecurity Email Compromise 43

PYMNTS

FEBRUARY 16, 2018

The business email compromise scam saw an increase of 10 percent during those two years. Reports last year from the Association for Financial Professionals found 75 percent of businesses surveyed said they had fallen victim to check fraud in 2017, up from 71 percent in 2015.

Email Compromise 40

Email Compromise Debit Card Credential Scams 40

PYMNTS

FEBRUARY 6, 2019

The same can be said for cybersecurity expertise, particularly as corporate finance and accounting departments become larger targets for cyberattacks like the business email compromise or data breaches.

Accounts 74

Accounts Finance On-Demand Automation 74

PYMNTS

JANUARY 30, 2017

The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. 1,093 data breaches hit entities in the U.S. percent of the total 1,093 data breaches hitting U.S.

Data Security 54

Data Security Government Governance Data Breach 54

PYMNTS

MAY 7, 2018

In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. In corporate payments, while fraud is typically linked to wire and checks , the rise in Business Email Compromise (BEC) and account takeovers means ACH fraud is a growing threat, same-day or not.

Same Day ACH 47

Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

JUNE 14, 2018

Identity theft is an unfortunately reality for more consumers as data breaches continue to rock the market. Research from Auriemma Consulting Group estimates that identity theft has cost banks at least $6 billion, and cost consumers $58.9 million, in 2016 alone. with more than 16,800 victims recorded in 2016. What to Do About It.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

NOVEMBER 6, 2017

In September, the consumer credit agency Equifax reported that the personal information of roughly 143 million Americans was compromised in a data breach of epic proportions. Meanwhile, the recently released PYMNTS Global Fraud Index , produced in collaboration with Signifyd, found that instances of global fraud increased by 5.5

FS-ISAC 47

FS-ISAC Cybersecurity Account Takeovers NACHA 47

PYMNTS

FEBRUARY 1, 2021

The Interstate Technology & Regulatory Council (ITRC) released new data on the state of cyberattacks and data breaches with some surprising news: data breaches were actually down in 2020 year-over-year. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

PYMNTS

MAY 12, 2017

This consumer concern translates to a decrease in confidence in large organizations—which is then exacerbated by data breaches and other security events. FBI Sees Wire Fraud Via Email Grow In 2016. “When consumers can’t open a bank account or access government services online without feeling anxiety, we’ve got a problem.”.

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

PYMNTS

DECEMBER 24, 2018

In short, cumulatively, hundreds of millions of records breached. He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. It may seem like 2018 was the year of the fraudster, of bad guys and gals acting in concert to steal money, steal privacy and use data for any number of gains.

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

AUGUST 10, 2018

Those threats are vast, but Womply’s own research has found that most of these attacks are in the form of phishing and business email compromise (BEC) scams. On the other side of this coin is the cybersecurity threats that inevitably come with establishing a digital presence of any kind. ”

Cybersecurity 40

Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

MAY 3, 2016

When details emerged last month of SWIFT’s software compromise , it signaled, to some, the likely start of a spree of hacking attempts. There’s one type of payments fraud in particular that comes to mind, said Wilhelm, when considering some of the cyberthreats banks already have trouble dealing with today: the business email compromise. “It

Same Day ACH 43

Same Day ACH ACH NACHA Faster Payments 43

CB Insights

JULY 23, 2020

For example, in 2018, 23andMe entered a $300M deal to sell data to drug giant GlaxoSmithKline, while in 2019, MyHeritage experienced a data breach that exposed details from 92M+ accounts. Companies who commit to cybersecurity investment stop more attacks, find and fix breaches faster, and are able to reduce the impact of those breaches.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

JUNE 1, 2017

You may recognize CrowdStrike as the cybersecurity company used by the Democratic National Committee to investigate a Russia-linked breach, or from the news last month that it raised an impressive $100 million from Accel. Take the Business Email Compromise, for example. “It seems like a never-ending onslaught,” he told PYMNTS.

Cybersecurity 55

Cybersecurity Breach Email Compromise Compromise 55