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. This week, cybersecurity publication Naked Security reported that $6 million was stolen from a New York company via invoice fraud.

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

PYMNTS

OCTOBER 15, 2018

AG Frosh’s warning pertained to a specific small-business cybersecurity threat. 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. 133,000: the average cost of a ransomware attack on a small business.

Ransomware 77

Ransomware Online and Mobile Banking Scams Small Business 77

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.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

JUNE 21, 2019

In Florida, The New York Times reported on Thursday (June 20), government officials of Riviera Beach voted to pay nearly $600,000 worth of ransom to hackers, just weeks after Baltimore paid $18 million for a similarly crippling ransomware cyberattack against government systems. ” Australia’s SMB Scam Surge.

Governance 43

Governance Government Scams Ransomware 43

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.

Scams 63

Scams Automation Phishing Email Compromise 63

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. False Sense of Protection.

Same Day ACH 47

Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Of MSPs surveyed, about 75 percent said their SMB customers experienced “business-threatening” downtime as a result of a ransomware attack, said Datto’s chief technology officer, Robert Gibbons.

Ransomware 58

Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

MAY 5, 2017

It’s been a big week in the broader cybersecurity realm, starting with a data breach of Sabre Corporation’s hospitality unit. Of course, for retailers, combating fraud is complicated that just beefing up cybersecurity protections. Ransomware, Cyberespionage On The Rise. Ransomware, Cyberespionage On The Rise.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45