PYMNTS

APRIL 7, 2020

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. That figure marks the second-highest percentage in the past 10 years.

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Business Email Compromise Email Compromise AFP Compromise 61

The Paypers

OCTOBER 8, 2019

(The Paypers) The latest Email Security Risk Assessment (ESRA) from Mimecast (MIME) has found that there is a significant increase in Business Email Compromise (BEC) attacks.

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Email Compromise Compromise Business Email Compromise Risk Assessment 28

Finextra

MARCH 18, 2024

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments.

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Credit Push NACHA Nacha Rules Rules 52

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. BEC scams have been surging in 2020, with a 200 percent increase in reports between April and May this year, PYMNTS reported.

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PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years. billion in 2019. billion in 2019.

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Business Email Compromise FBI Email Compromise Scams 56

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. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

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Business Email Compromise Scams Ransomware Email Compromise 96

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. New analysis from Bank Info Security , for instance, revealed that BEC scammers have begun to target corporates’ financial documents from accounts receivable departments to identify unpaid invoices, as well as information regarding Days Sales Outstanding and clients.

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Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account.

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Business Email Compromise FBI Bitcoin Email Compromise 86

PYMNTS

AUGUST 24, 2020

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. At the heart of BEC and other scams is impersonation.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. And while the BEC is not the most common form scam, it is a lucrative one.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 200 percent more BEC scams hit U.S. ” The U.K.

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Business Email Compromise Email Compromise Scams Wires 59

The Paypers

APRIL 24, 2020

Switzerland-based cybersecurity service provider GlobeX Data has announced that it is planning to launch a new service against BEC (Business Email Compromise) attacks.

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Business Email Compromise Email Compromise Scams Compromise 36

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. The arrest came on the heels of an order in the United States earlier this month; Nigerian Emmanual Opara was sentenced in Manhattan federal court for also running BEC scams.

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PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

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Business Email Compromise FBI Scams Wires 57

PYMNTS

JANUARY 18, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

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Business Email Compromise Scams Audit Payroll 69

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

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Business Email Compromise Scams Email Compromise Cross-Border 45

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

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams.

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Business Email Compromise Scams Cybersecurity FBI 49

The Paypers

APRIL 24, 2020

Switzerland-based cybersecurity service provider GlobeX Data has announced that it is planning to launch a new service against BEC (Business Email Compromise) attacks.

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Business Email Compromise Email Compromise Scams Compromise 28

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. As reported by businessinsights.com , the agency has found more than 32,000 documented cases of BEC attempts during that timeframe. Taken on a daily basis, the BEC scams have tried to siphon off $8.7

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Business Email Compromise Fincen Scams Email Compromise 43

The Paypers

SEPTEMBER 10, 2019

(The Paypers) One of Toyota`s European subsidiary has lost over USD 37 million following a business email compromise (BEC) attack.

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Business Email Compromise Email Compromise Compromise 31

Payments Source

JUNE 28, 2018

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

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Email Compromise Business Email Compromise Phishing Compromise 68

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

The Paypers

JUNE 27, 2018

(The Paypers) PricewaterhouseCoopers (PwC) has warned organisations and individuals about the rising Business Email Compromise (BEC) rates.

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Business Email Compromise Email Compromise Ransomware Compromise 28

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

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials.

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BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

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

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. A recent survey by Proofpoint found that, amid the billions of dollars in fraud that occur worldwide and annually from BEC efforts, attacks on the financial services industry have been increasing.

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PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation.

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Scams Email Compromise Compromise Wires 65

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. A fifth of survey respondents who had been hit by some type of cyberattack said it was the result of a BEC, making this cybercrime the number one tactic fraudsters use. billion in total losses since 2013.

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Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

JUNE 22, 2020

37 percent fewer BEC attacks targeted the C-Suite in Q1 , according to new data from Abnormal Security. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $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.

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

SEPTEMBER 9, 2019

In anecdotes reported by Tamebay, seller accounts have been compromised, the fraudsters buy URLs with similar addresses and tie an e-mail account to that address. million has been returned to the City of Unalaska in the wake of an investigation by federal authorities into business email compromise (BEC) fraud.

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Business Email Compromise PayPal Email Compromise Scams 40

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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PYMNTS

APRIL 14, 2017

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. Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016.

B2B 40

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