PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. According to the site, the group is called Scattered Canary, and has plied its BEC trade over the past decade. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I

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Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. said last week, noting that Ireland’s gardaí have issued warnings to businesses over the threat of the BEC scam. Meanwhile, in the U.K.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

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Business Email Compromise Phishing Email Compromise Credential 61

PYMNTS

APRIL 12, 2019

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.

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Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. Just last week, IBM cybersecurity experts uncovered a widespread BEC attack targeting players in the coronavirus vaccine supply chain. But the BEC scam is not the only kind of business payments fraud plaguing firms today.

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Business Email Compromise Scams Crime Email Compromise 91

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 2018 report, sponsored by JPMorgan , finds fraudsters are spinning their BEC webs even broader, targeting new channels of business transactions.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

JANUARY 13, 2020

PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. million since at least 2011 by generating fake invoices from legitimate vendors, and using company checks that were reportedly doctored to be deposited into her personal account.

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B2B Wire Transfer FBI Cybersecurity 89

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

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Business Email Compromise Scams Email Compromise Phishing 65

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. The report states that these victims mostly lost their money to BEC scams. The report states that these victims mostly lost their money to BEC scams. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

OCTOBER 7, 2020

Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, IRS agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs. The Dark Web Likes Bitcoin, Too .

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Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

APRIL 10, 2019

However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017. Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year.

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AFP Scams Email Compromise ACH 69

PYMNTS

APRIL 14, 2017

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

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B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

SEPTEMBER 28, 2020

“Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs.

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Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

NOVEMBER 30, 2018

BEC Scams In Australia. The fraud is perhaps more commonly known as business email compromise (BEC). BEC commonly involves fraudsters masquerading as suppliers (through hacked emails) and sending requests for would-be victims to send money to bank accounts, where the details have changed.

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Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Check out our infographic to learn more about the continuing #evolution in fraud trends & how you can protect your firm from potential risks #fincrime #fintech #AML pic.twitter.com/dJbSqTgL0D. NICE Actimize (@NICE_Actimize) June 1, 2020.

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PYMNTS

JULY 30, 2018

A recent warning from the Federal Bureau of Investigation revealed that business email compromise (BEC) scams have now led to $12 billion in diverted funds.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

APRIL 14, 2017

One of the largest culprits: paper checks. Last year the AFP marked an unexpected reversal in the decline of the use of checks in B2B transactions, inching up 1 percent to 51 percent last year compared to 2013 levels (that survey is conducted every three years). Another issue with check use is that, at least in the U.S.,

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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. Reports in The Art Newspaper say BEC scammers seem to have a new favorite target this time: art galleries. Somebody sent out another email saying, ‘Ignore my previous invoice.

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Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

FEBRUARY 20, 2020

The fraud firm uses “physical checks to cash out money pilfered through business email compromise (BEC) attacks,” and it is “spread around multiple countries in Africa, including Nigeria, Ghana and Kenya,” a press release said. .

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Romance Scams Email Compromise Business Email Compromise Phishing 56

PYMNTS

FEBRUARY 22, 2019

Much has been said in this space about Business Email Compromise ( BEC ) scams, where bad actors frequently pose as corporate officials, directing targeted individuals to send money to different accounts, or they pose as suppliers and present phony invoices to be paid. He had been accused of stealing $5.3

Direct Deposit 54

Direct Deposit Scams IRS Business Email Compromise 54

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

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Scams Automation Phishing Email Compromise 63

PYMNTS

OCTOBER 15, 2018

It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “No legitimate business or utility will call you and ask you to make a payment using a Green Dot card,” AG Frosh said in a statement.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

FEBRUARY 3, 2020

A PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. .

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Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

DECEMBER 24, 2018

Themes emerged, some frightening – as when it comes to getting a sense of the impact of payments fraud – and some hopeful, as evidenced in, say, businesses finally moving toward killing the check. He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. Good vs. Bad.

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Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

OCTOBER 2, 2018

He described this as a “group of both business email compromise, BEC as it’s called, or CEO fraud.” You can inject a large amount of illicit cash into the system or right from your typical suitcase of cash [and] into a branch,” Divitt said, “but it can also come from one of those CEO, BEC or invoice redirection frauds.”

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Crime Money Laundering Financial Crimes Business Email Compromise 59

PYMNTS

APRIL 30, 2018

Nearly a fifth that experienced check fraud suffered a loss, and one-third of firms that were targeted by fraud said it came from a completely unknown source. More commonly, these fraudulent transactions are only caught the day they post to the company’s bank account (the same goes for check fraud, the report found).

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Email Compromise Treasury Ransomware Wires 59

PYMNTS

OCTOBER 10, 2018

When it comes to business-to-business (B2B) transactions, paper checks are often the villain, cards an expensive but quick underdog, and ACH and its non-U.S. Earlier this year, the FBI said the value of successful BEC scams has now surpassed $12 billion. Thieves attempted to steal $5.3

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PYMNTS

NOVEMBER 13, 2019

That, of course, means moving beyond the paper-based invoice processes and the paper check — something that roughly 81 percent of companies still use to pay suppliers. Wardwell took note of the rising incidence of business email compromise (BEC) and other fraud attempts on businesses. Security, of course, remains a critical concern.

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Automation API Payment APIs and Integration Email Compromise 46

PYMNTS

MAY 7, 2018

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. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however.

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Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

SEPTEMBER 9, 2016

This fraud increase came after various financial institutions failed to implement a solid authentication apparatus to keep a check on fraudsters. A total of 17,642 reports of BEC were reported to authorities between Oct. In 2009, it was 14 percent higher than levels seen the previous year. 2013 and Feb. 2016, according to the FBI.

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Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

OCTOBER 5, 2020

Companies can sign up and find the FI’s fraud tools via a dashboard that assists them in utilizing security features like bolstered check monitoring and protection. .

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Ransomware AFP Breach Payments 54

CB Insights

JULY 23, 2020

Lobbies and building entrances: pre-entry wellness checks. Lobbies and building entrances: pre-entry wellness checks. Her temperature is checked before she waits in a socially distanced line for the elevator. Health screenings and verification using contactless wellness checks will also likely become common in office lobbies.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

JUNE 21, 2019

It was then revealed that the check was not deposited into the company’s bank account, but routed into a Maryland account owned by NRA CFO Wilson H. The AP department, however, had a record of paying ARM. Phillips, Jr. The report claimed that Phillips ultimately embezzled at least $1 million from the company. Canada’s Crypto Case.

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Governance Government Scams Ransomware 43