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.

Email Compromise 96

Email Compromise Compromise Business Email Compromise Phishing 96

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 regulator issued a report based on the SEC Enforcement Division’s investigations of nine public companies that lost millions of dollars as the result of cyber fraud.

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Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

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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Government Governance Security Cybersecurity 85

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 Crime Email Compromise 91

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. The year-over-year cybersecurity budget increase amounts to an average spend of $2,691 per employee.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

FEBRUARY 20, 2019

Cybersecurity experts are urging small business (SMB) owners to not ignore the risks they face from cyberattacks. ” In addition to Mastercard, the Global Cyber Alliance is working with a range of other businesses to create the toolkit, including the Cyber Readiness Institute and the Center for Internet Security (CIS). .”

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Cybersecurity Visa Data Breach Small Business 56

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 13, 2020

Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. The case coincided with another cybersecurity incident at a Colorado water supplier, in which fraudsters infiltrated the utility platform of Aurora Water to steal customer information.

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B2B Wire Transfer Cybersecurity FBI 89

PYMNTS

DECEMBER 8, 2020

As NETSCOUT Area Vice President of Engineering, Threat and Mitigation Products Hardik Modi told PYMNTS, cybersecurity is now top of mind for many of these firms. This security focus will be even more acute amid the holiday season. According to a Charity Today report, one-third of U.K.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

NOVEMBER 7, 2017

With the cybersecurity threat constantly looming and, in many instances, growing for corporations, a new report from Kaspersky Lab suggests businesses shouldn’t necessarily rely on their IT departments to safeguard their firms. One reason is because of a talent shortage of IT security experts.

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Addressing Security Cybersecurity Email Compromise 43

PYMNTS

NOVEMBER 21, 2019

KPMG is rolling out a new payments security solution targeting B2B payments fraud, the company said Thursday (Nov. A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel.

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B2B Security Cybersecurity Email Compromise 44

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

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.

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Business Email Compromise Scams Email Compromise B2B 70

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. More recently, analysts at Vade Secure issued a warning over an emerging phishing strategy looking to steal corporate funds. New Attacks Emerge.

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Ransomware Phishing Direct Deposit Business Email Compromise 63

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. As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Stronger passwords.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

JULY 16, 2019

This week’s news of a security flaw in the Android versions of WhatsApp and Telegram, first revealed by Symantec, marked the latest cybersecurity warning for users of high-profile technologies. However, revelations of the security flaw shed light on the evolving face of invoice fraud.

Security 40

Security Payment APIs and Integration Small Business Email Compromise 40

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. By targeting popular brands, recipients are more likely to have a relationship with the company being impersonated,” said cybersecurity company MailGuard.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

FEBRUARY 3, 2020

The majority of businesses are at risk for an array of cybersecurity incidents, including the business email compromise (BEC) scam, which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. .

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Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

JANUARY 9, 2019

While financial services (FinServ) innovations often emerge with built-in security measures, new market trends — including faster payments and open banking — are introducing new security threats to corporate treasury departments, according to cybersecurity company BioCatch. The tactic is relatively simple.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

MARCH 6, 2020

A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. In the meantime, PYMNTS gathered up a shortlist of the B2B FinTechs that were able to secure new funding as backers prepare for their next wave of support. and hoping to expand into Europe. At the same time, the U.S. Mailprotector.

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B2B FinTech MSPS Email Compromise 80

PYMNTS

SEPTEMBER 13, 2018

Not only are small and medium-sized businesses (SMBs) a prime target, but such an attack can be detrimental to a small company without the resources to combat a security threat. Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. “No

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Ransomware MSPS Disaster Recovery Cybersecurity 58

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

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

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. BEC fraud has been on the rise across the globe. The Federal Bureau of Investigation said it had found that BEC scams led to $3.1

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

MAY 12, 2017

This consumer concern translates to a decrease in confidence in large organizations—which is then exacerbated by data breaches and other security events. Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016. Robert Holmes, a security professional for Proofpoint Inc.,

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

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. More than ever, managing risk factors across third- and fourth-party vendors and the entire chain is important to an organization’s security.

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Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

MAY 2, 2017

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. The news that the two tech giants were the victims of such an attack comes as instances of BEC fraud have been on the rise across the globe.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 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. Next-Level Payments Security. Foiling AP fraud may be tricky, but automation systems can bring payments security to the next level.”.

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Scams Automation Phishing Email Compromise 63

PYMNTS

APRIL 30, 2018

While most agreed that the threat of fraud has increased, Strategic Treasurer found that treasurers and their teams are increasing investment in cybersecurity and anti-fraud measures, including security controls, cyber fraud insurance, transaction controls and cybersecurity technologies. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

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. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

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. Look at your security like an onion.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

MARCH 27, 2020

He pointed to studies that show BEC is a multibillion-dollar business, measured annually, and said the movement toward work from home setups for any number of companies across any number of verticals can actually render firms vulnerable.

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Account Takeovers Due Diligence Accounts Email Compromise 55

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. “The first step for corporates is to understand that they’ll never be 100 percent secure,” she explained.

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Same Day ACH Fraud Detection ACH NACHA 47

CB Insights

JULY 23, 2020

To stay ahead of the curve, companies will need to consider key investments across wellness, remote collaboration tools, mobile cybersecurity tech, accessible HR tools, and workforce training programs for professional development and upskilling. Beyond the office: cybersecurity and at-home network security. TABLE OF CONTENTS.

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Posting Cybersecurity Returns Online and Mobile Banking 101

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. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

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Data Breach Breach Business Email Compromise Scams 136

PYMNTS

JUNE 21, 2019

Finally, in Texas, the Better Business Bureau (BBB) is warning small businesses (SMBs) of the latest twist on the Business Email Compromise (BEC) scam: fraudulent requests for proposals with PDF attachments infected by malware. Canada’s Crypto Case. ” Australia’s SMB Scam Surge. In The UK, Too.

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Government Governance Scams Ransomware 43