Remove Business Email Compromise Remove Cybersecurity Remove Scams
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BEC Scam Takes $15M In Widespread Attack

PYMNTS

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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Why The Data Breach Decline Is Bad News For Businesses

PYMNTS

The scam involves sending a phishing email claiming to be a Microsoft Office 365 update. At least 44 percent of the 2020 data breaches examined in the report involved phishing or BEC scams, while 694 businesses reported having been impacted by cyberattacks on their supply chains last year.

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Corporates Brace For BEC Scam Ramp-Up

PYMNTS

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. cybersecurity technology companies are taking measures to raise awareness and combat corporate payment fraud risks.

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‘Scattered Canary’ BEC Scams Aim At US Firms

PYMNTS

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. As reported by Threatpost , earlier this month, researchers in London identified a cybersecurity gang that has evolved markedly in scale. The fraud evolved into romance scams a few years later, then BEC scams in 2015.

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Deepfakes Threaten To Become The New BEC Scam

PYMNTS

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. How To Retain Security.

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Scammers Prove Corporate Payments Fraud Comes In All Shapes And Sizes

PYMNTS

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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The Big Spike In ‘CEO Fraud’

PYMNTS

As for the scams themselves, those varied widely both in terms of tactics and targets. 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.