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. The Pandemic's Security Impact.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

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. city government.

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Business Email Compromise Scams Cybersecurity FBI 49

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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PYMNTS

JULY 6, 2020

Wirecard continues to dominate the headlines in the realm of corporate fraud thanks to $2 billion missing from the company’s books, but it’s not the only company at the center of questionable activity. With the global pandemic continuing to cause market disruptions, the opportunities for fraudsters remain on the rise.

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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 Email Compromise Crime 91

PYMNTS

MARCH 21, 2019

The wiles and ways of scammers to part businesses from their money continue to proliferate, and continue to use technology as a springboard to trick executives. As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. phone number.

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Business Email Compromise Scams Email Compromise Compromise 45

PYMNTS

NOVEMBER 18, 2019

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. said last week, noting that Ireland’s gardaí have issued warnings to businesses over the threat of the BEC scam.

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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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PYMNTS

APRIL 14, 2020

With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments. Filtering The Inbox. The Burden Of Responsibility.

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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. According to Trend Micro, this criminal activity continues.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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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Business Email Compromise Scams Email Compromise Wire 43

PYMNTS

JUNE 22, 2020

Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1

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Checks Risk Business Email Compromise Email Compromise 79

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

SEPTEMBER 9, 2019

million has been returned to the City of Unalaska in the wake of an investigation by federal authorities into business email compromise (BEC) fraud. We are continuing to investigate this case in an effort to identify the perpetrators.”. Separately, in the States, in Alaska, it was reported that more than $2.3

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Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

DECEMBER 2, 2019

As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters. Officials noted that invoice fraud occurs on a “regular basis,” according to 3FM reports.

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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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Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

JANUARY 13, 2020

The currency exchange company continues in the grips of a ransomware attack that has crippled its operations, as well as the foreign currency operations of its corporate clients, including HSBC and Barclays. Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports.

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PYMNTS

JUNE 12, 2018

The recent increase in law enforcement resources going after BEC schemes shows the FBI’s “commitment to disrupt and dismantle criminal enterprises that target American citizens and their businesses,” FBI Director Christopher Wray said in the press release. “We Law enforcement also seized close to $2.4

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Email Compromise FBI Compromise Law Enforcement 60

PYMNTS

SEPTEMBER 21, 2019

“Cybercriminals continue to be creative in their attacks, turning their attention to industries such as manufacturing to retail, and using cloud technology and software like common mobile apps to their advantage,” he said in a statement last week. ” The U.S.

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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

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. The BEC can happen to anyone — to any company using email,” explained Sadler.

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Business Email Compromise Security Scams Email Compromise 44

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. Additional Attacks Putting the Enterprise at Risk.

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Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. The FBI also noted that this scam can often be coupled with other types of fraud, sometimes coming in the form of BEC in which a scammer requests a wire transfer or other payment be made.

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PYMNTS

APRIL 10, 2019

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights.

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AFP Scams Email Compromise ACH 69

PYMNTS

APRIL 4, 2019

The threat of cyberattacks continues to grow, and small businesses (SMBs) are caught in the crosshairs. Meanwhile, instances of the Business Email Compromise (BEC) are also on the rise: About 47 percent of all incidents examined last year were the result of a hack or malware — and, of those, about half were BEC scams.

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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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Business Email Compromise Email Compromise Real Time Payments Authentication 71

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.

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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. Well-funded and organized fraud operations, meanwhile, continued to amass more capital, manpower and technology. It’s time to fight back. Businesses across the U.S.

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PYMNTS

MARCH 6, 2020

Even so, funds continue to fill their coffers in anticipation of more investments ahead. A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. Chqbook.com.

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B2B FinTech MSPS Email Compromise 80

PYMNTS

OCTOBER 15, 2018

Frosh issued a warning to the state’s small business (SMB) owners last week, he shed light on the fact that, despite business owners’ rising focus on cyberattacks, some scammers continue to use legacy tactics to target their victims. AG Frosh’s warning pertained to a specific small-business cybersecurity threat.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

OCTOBER 12, 2020

For example, the 350,000 companies that have contracts with the Department of Defense will soon have to comply with a new mandate known as Cybersecurity Maturity Model Certification (CMMC) if they want to continue doing business with the government.

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Cybersecurity B2B Email Compromise Business Email Compromise 83

PYMNTS

NOVEMBER 13, 2020

The cross-border B2B payments space experienced a small drop in growth during the first half of 2020 due to the COVID-19 pandemic’s effects, but it is expected to continue expanding despite this hiccup. Fraud scams targeting these wire transfers have long been an issue, with U.S. companies losing roughly $1.77

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PYMNTS

NOVEMBER 19, 2020

Australia's New Payments Platform (NPP), its real-time payments rail, continues to gain traction according to the latest figures from the network. Businesses Drive Australia's NPP Adoption. According to the NPP's latest Roadmap report , businesses are a key driver of adoption of the payment method.

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B2B Blockchain Real Time Gross Settlement (RTGS) Real Time Payments 104

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. As instances of the BEC scam continue to rise, a new challenge for companies could be on the horizon, too, as questions mount over whether such cyberattacks are covered by cybersecurity insurance.

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Scams Email Compromise Rules Business Email Compromise 40

PYMNTS

MAY 12, 2017

When prompted to continue to Google Docs, users were actually granting permissions to a malicious third-party web app that had been named “Google Docs.”. 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

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PYMNTS

SEPTEMBER 16, 2019

The investigations are the latest wrinkles in a story that continues to develop after several employees small businesses said they did not get paid. As reported by NBC News , the investigations were confirmed, separately, by spokespeople for the FBI’s Albany, New York office and the labor department.

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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