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. 200 percent more BEC scams hit U.S. ” The U.K. ” The U.K.

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Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

JANUARY 18, 2019

As reported late this week in Dark Reading , and as estimated by security research firm Agari , efforts are “ramping up” wherein criminals look to “divert payrolls” of senior executives. The payroll diversion scam is taking shape as firms become more alert about BEC scams. They may also see a higher “monetary payoff,” Hassold stated.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. As reported this past week by Fox 5 in Washington, D.C.,

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

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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Business Email Compromise Email Compromise Scams Compromise 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. billion (or slightly over half) of all losses tracked in 2019.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As noted in other BEC scams, often the criminal impersonates an executive with the company. The Agari research found that the BEC scams play out similarly to gift card scams. phone number.

Business Email Compromise 45

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

JUNE 12, 2018

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. Since the Internet Crime Complaint Center (IC3) began tracking BEC and its variant, e-mail account compromise (EAC), there has been more than $3.7

Email Compromise 60

Email Compromise FBI Compromise Scams 60

PYMNTS

AUGUST 24, 2020

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., Reports in Security Boulevard said that the 60 percent spike occurred in just three months, with the average payout being $178,254 for Q2 2020, compared to $111,605 in Q1.

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Scams Business Email Compromise Ransomware Email Compromise 119

PYMNTS

NOVEMBER 30, 2020

Securities and Exchange Commission (SEC) Chairman Jay Clayton , speaking on CNBC , said businesses need to be more aware of the threats posed to their companies from attacks. The accounts could also be used for blackmail, and intruders could be used to undermine email-based two-factor authentication, the Engadget report says.

Business Email Compromise 116

Business Email Compromise Addressing Scams Ransomware 116

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. A payment method is only as secure as where you’re sending the money.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

FEBRUARY 1, 2021

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. From commercial card misuse to invoice fraud, internal employees can be the bad actors, too.

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Data Breach Breach Business Email Compromise Scams 136

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

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.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

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

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

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. Justice Department, National Security Agency and the White House. The thinking goes that if the U.S. It includes all five branches of the U.S. The U.S.

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Governance Government Security Cybersecurity 85

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

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. In business operations, BEC is often used to manipulate individuals within an organization for financial fraud or unauthorized access to sensitive information. What is Business Email Compromise (BEC)?

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Email Compromise Business Email Compromise Compromise Phishing 52

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

AUGUST 17, 2020

In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business email compromise (BEC) scam, as well as how they’re fighting back. When it comes to fraud threats, no company — large or small — is immune.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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

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

JANUARY 18, 2021

With a second Paycheck Protection Program (PPP) on the way, small businesses have yet another chance to secure much-needed financial relief. Yet the new bill fails to address the gaps that allowed for fraudulent activity among some businesses that had secured PPP loans in the first round of stimulus, the publication alleges.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

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.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 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

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

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. 71 percent | Amount of companies planning to put stricter security controls in place.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

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

APRIL 28, 2019

“Attacks that capitalize on the human desire to respond to urgent requests from authority are on the rise,” reported Security Asia. The number of business email compromise (BEC) attacks, said Trend Micro, was up by 28 percent globally.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

OCTOBER 17, 2018

Securities and Exchange Commission (SEC) has issued a stern warning to public companies: tighten cybersecurity controls or risk being in violation of federal law. The companies, which each had securities listed on a national stock exchange, were in sectors including technology, machinery, real estate, energy, financial, and consumer goods.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

PYMNTS

SEPTEMBER 21, 2019

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Even more troubling, however, is the cloud security company’s finding that most SMBs estimate the cost of a data breach to be just $10,000. Stronger passwords.

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Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

JULY 30, 2018

Users should also be on the lookout for typos and grammatical errors in any emails, and be sure not to share sensitive details like payment card information or Social Security numbers. 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

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.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

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.

Scams 87

Scams Checks Romance Scams Email Compromise 87

PYMNTS

DECEMBER 17, 2019

Anomali, a security firm, says it has found bogus websites of the U.S., In separate news, researchers at Agari were warning of Silent Starling, the newest cybercriminal ring using a vendor email compromise (VEC) scam to purloin company cash from supply chains per news in October. Mexico, Canada, Sweden, Australia and South Africa.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40