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

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016.

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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. The warning on cybersecurity risk comes as the FBI has estimated that over the past five years, U.S.

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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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Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. What Is a Business Email Compromise Attack?

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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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PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. According to local Kentucky Today reports, $1.5

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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

SEPTEMBER 16, 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 in January.

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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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PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. According to the FBI, professionals must be "wary" of online job postings that cater to the remote worker, with many of these posts having fraudulent intentions.

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PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. Internet scammers, by nature, are a resourceful lot.

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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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PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. Those replies are then recorded and made available for IT managers to download and review if needed.

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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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PYMNTS

AUGUST 26, 2019

The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Officials said that, as had been estimated by the FBI’s Internet Crime Complaint Center, more than 14,000 complaints tied to BEC have been reported, with $1.1 million that had been wired by district employees to BEC scam.

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PYMNTS

DECEMBER 14, 2020

The FBI is currently investigating the attacks, and the federal Cybersecurity and Infrastructure Security Agency (CISA) issued a warning Sunday about an “active exploitation” that involved SolarWinds ’ Orion Platform software.

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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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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. The BEC scam can manifest in many forms. Beyond The BEC. It is so easy for attackers to pull off these kinds of scams,” he said.

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PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. But, as they say, prevention begins at home.

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PYMNTS

DECEMBER 21, 2018

In examples of the ill-famed business email compromise ( BEC ) scams that seem to make frequent headlines, $1 million was transferred from the Save the Children Foundation. The FBI noted that as much as $12.5 billion has been stolen via BEC from October 2013 to May 2018. France and Germany lack visibility into expenses.

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PYMNTS

JANUARY 21, 2021

Particularly stunning this year was the volume of business email compromise (BEC) attacks, which, according to the FBI, is already a $2 billion-a-year business. Businesses also increasingly found themselves the target of highly sophisticated fraud schemes.

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PYMNTS

MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. From October 2013 through December 2016, a new report from the FBI suggests cybercriminals used business email compromise (BEC) scams to try and steal some $5.3 told Reuters that the FBI report covered just 20 percent of the total and that the losses could be double.

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The Paypers

AUGUST 20, 2019

(The Paypers) Obinwanne Okeke, a Nigerian businessman that stole USD 11 million from one victim alone, has been accused of business email compromise fraud (BEC).

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PYMNTS

FEBRUARY 14, 2020

B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. billion in losses were due to BEC fraud last year. The Cost of Love: Broken hearts club: Consumers report losing more than $200 million to romance scams last year, as estimated by the FTC. That’s up 40 percent over 2018.

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PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. The tactic is relatively simple.

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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. Fraud scams targeting these wire transfers have long been an issue, with U.S. companies losing roughly $1.77

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PYMNTS

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3 counterparts are not available.

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PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. A total of 17,642 reports of BEC were reported to authorities between Oct.

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PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses.

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CB Insights

JULY 23, 2020

” Instances of intrusion were so frequent that the FBI issued a warning about the phenomenon. However, as an unprecedented portion of the workforce has been relegated to working from home, IT teams have faced new challenges, from less than optimal at-home network security to more targeted business email compromise schemes.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101