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. IT teams are already growing more concerned about this risk.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

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

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Cross-Border 45

PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wires 57

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

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.

Scams 62

Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

JUNE 22, 2020

1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. ” Coronavirus-related scams are on the rise, too, researchers found. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

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.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

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.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation.

Scams 65

Scams Email Compromise Compromise Wire 65

PYMNTS

SEPTEMBER 21, 2019

As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Information on phishing email or BEC scam campaigns, for instance, can be shared to help small businesses protect themselves before an attack occurs.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

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.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

SEPTEMBER 8, 2020

. $80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. Unfortunately, research reveals that corporates' own employees and business partners can often be at the heart of supply chain fraud and other scams. Finding The Culprit.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

FEBRUARY 20, 2020

The study was done by researchers from North Carolina State University, the University of Missouri-Kansas City and the University of Chieti-Pescara in Italy. ” However, the research showed that CFOs aren’t always the ones behind fraud, and are sometimes pressured to take part.

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

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. According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related scams alone.

Email Compromise 72

Email Compromise Business Email Compromise FBI Fraud Prevention 72

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. ” Beazley researchers found that the mean for ransomware attack demands was $10,310, though one incident saw a demand for $8.5

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

DECEMBER 14, 2020

Security experts have advised individuals to be extra vigilant during the busy holiday shopping season, and also warned corporate users working remotely to be aware of a rise in business email compromise (BEC) scams that target players in the COVID-19 vaccine supply chain.

Governance 85

Governance Government Security Cybersecurity 85

PYMNTS

MAY 2, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for a $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.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

SEPTEMBER 16, 2019

As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. As reported in this space, the funds are being siphoned off in attacks that mislead human resource (HR) professionals.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

APRIL 14, 2017

In its 2017 AFP Payments Fraud Survey , researchers noted a “dramatic” increase in corporate payments fraud compared to levels seen in 2015. Carlsson noted earlier research released by the AFP for its analysis of the use of electronic payments among corporates. Where we stand right now, we’re at the peak level of payment fraud.”.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

OCTOBER 15, 2018

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. Researchers advised small business owners to not download any email attachments from an unnamed address.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks. While researchers at Tanium found last year that one-third of U.K.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

APRIL 30, 2018

” In a survey of treasurers, cash management professionals, CFOs and other professionals in the treasury department, researchers found that nearly two-thirds of respondents (61 percent) feel they are in a better position this year to combat fraud within their organizations compared to last year. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

PYMNTS

MAY 12, 2017

Research from eSentire recently found that “rudimentary” cyberattacks on SMEs — including intrusion attempts, policy violations, and information gathering — are some of the most dangerous. Simple Cyberattacks Greatest Threat To SMEs. billion across organizations. A significant number of these attempts came in the last seven months of 2016.

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

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. Researchers noted that it’s not surprising that some businesses are so willing to pay the ransom.

Ransomware 58

Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

NOVEMBER 7, 2017

That’s because many IT security professionals themselves are at a loss for how to protect the enterprise against targeted cyberattacks, researchers concluded in Kaspersky’s “ New Threats, New Mindset: Being Risk Ready in a World of Complex Attacks ,” released last week. Targeted Attacks.

Addressing 43

Addressing Security Cybersecurity Email Compromise 43

PYMNTS

OCTOBER 2, 2018

It seems like every time somebody does some research on this topic,” observed Divitt, “the numbers tend to grow.”. He described this as a “group of both business email compromise, BEC as it’s called, or CEO fraud.” Consider the $1.45 Cybercrime and financial crimes were the most common offenses, Webster stated. “It

Crime 59

Crime Money Laundering Financial Crimes Business Email Compromise 59

PYMNTS

AUGUST 10, 2018

The research , conducted by Deloitte, found that 80 percent of small businesses aren’t taking advantage of digital solutions like data analytics. Those threats are vast, but Womply’s own research has found that most of these attacks are in the form of phishing and business email compromise (BEC) scams.

Cybersecurity 40

Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

JANUARY 30, 2020

However, as the latest research from FICO ‘s Asia-Pacific operations has revealed, the APAC region is struggling with rising fraud rates as a result of real-time payments adoption — and financial institutions across the region expect that threat to grow. ” Unwrapping The Fraud Threat. . ” Unwrapping The Fraud Threat.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

PYMNTS

DECEMBER 24, 2018

“It seems like every time somebody does some research on this topic,” observed Divitt, “the numbers tend to grow.”. He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. So beware, or at least view skeptically, what is in your inbox.

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

FEBRUARY 1, 2021

Indeed, the latest research suggests that increasingly, cybercriminals are becoming more aggressive in their attacks on businesses and their finance departments. “Cybercriminals are simply shifting their tactics to find a new way to attack businesses and consumers.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

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., 389 percent more BEC scams hit U.S. businesses between Q1 and Q2, per new Abnormal Security research revealed in its Quarterly BEC Report for Q2 2020.

Scams 119

Scams Business Email Compromise Ransomware Email Compromise 119

PYMNTS

JULY 5, 2019

Drilling down a bit, research databases such as FactSet state that the verticals most markedly impacted thus far include tech , where components make their way, generally, from Asia to these shores. BEC: Fraudsters are leveraging variants in business email compromise (BEC) fraud, finding new ways to siphon off money from corporates.

Business Email Compromise 51

Business Email Compromise Email Compromise Phishing Database 51

PYMNTS

DECEMBER 17, 2019

The targets are procurement websites in which governments place notices for purchasing all sorts of products such as trucks and desks, IT World Canada reported, citing a report from The Anomali Threat Research Team. The scam begins when a company gets a bogus invitation via email to place a bid on a government contract.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40