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APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. As reported in darkreading.com, the gangs using BEC – new gangs and seasoned gangs – have recently been targeting human resource and finance professionals to grab direct deposit payroll information to siphon off funds.

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Business Email Compromise AFP ACH Email Compromise 46

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OCTOBER 10, 2018

Rarely does the wire transfer come into play as an exciting, innovative payment rail ready to disrupt cross-border B2B payments. The wire transfer, made popular by Western Union more than 150 years ago, may not seem to be the most innovative rail. Thieves attempted to steal $5.3

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MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. In some cases, the fraudsters impersonate people working within the same firm, with directives to wire funds to “new” accounts that are ostensibly tied to legitimate business practices.

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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.

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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.

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APRIL 14, 2017

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was.

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B2B Business Email Compromise Email Compromise Scams 40

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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

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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.

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Scams Email Compromise Business Email Compromise Compromise 41

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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.

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Business Email Compromise Security Scams Email Compromise 44

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JANUARY 18, 2021

. $500,000 or more in fines may be issued to a Massachusetts woman who pleaded guilty to taking part in a BEC scam, according to a press release by the U.S. The individual pleaded guilty to wire fraud and money laundering conspiracy. Department of Justice. 270,000 worth of falsified invoices landed an 11-year ban for one U.K.

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OCTOBER 17, 2018

The SEC’s investigations focused on “business email compromises” (BECs), where criminals posed as company executives or vendors and used emails to trick employees into sending large sums to fraudulent bank accounts.

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JANUARY 13, 2020

Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. The risk can also lead to fraudsters spoofing the email addresses of C-Suite executives to initiate payments to a fraudster’s account.

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NOVEMBER 13, 2020

Many firms still process cross-border transactions through wire transfers. A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

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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. Once inside, cybercriminals can monitor the financial connections and interactions within the company.

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NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. Reports in The Art Newspaper say BEC scammers seem to have a new favorite target this time: art galleries.

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DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. This security focus will be even more acute amid the holiday season. According to a Charity Today report, one-third of U.K.

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SEPTEMBER 16, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm in January.

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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

APRIL 30, 2018

According to the report, 29 percent that have experienced a system-level wire fraud attack have suffered a loss as a result. Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC).

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JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote. The tactic is relatively simple.

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APRIL 14, 2017

But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. I can imagine that by next January, when we collect the data for the next survey, the BEC scams will eventually see a drop,” he said. Thus, checks stay in the enterprise — and check fraud grows.

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MAY 3, 2017

She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes. Business Email Compromise is just one pain point,” she noted.

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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. “This is a scam, pure and simple.

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Ransomware Online and Mobile Banking Small Business Scams 77

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MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. 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 Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016.

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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.

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MAY 5, 2017

It recently came to light that Facebook and Google found themselves out $100 million at the hands of one ambitious cybercrook—a Lithuanian man who a scammed the internet giants with a business email compromise (BEC) attack.

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JUNE 12, 2018

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. million and the caused the disruption and recovery of about $14 million in fake wire transfers. Of the 74 arrested, 42 were people in the U.S.,

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SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. 2013 and Feb. 2016, according to the FBI. The cost of such attacks?

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PYMNTS

FEBRUARY 1, 2021

But the statistic is no cause for celebration: according to the report, the decline in data breaches can be attributed to the fact that cybercriminals are instead turning their attention toward Business Email Compromise (BEC) scams that target company accounts payable departments.

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AUGUST 12, 2019

Business email compromise has come to high school sports. more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. million daily from companies individual victims.

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PYMNTS

APRIL 5, 2019

But all too often we don’t know just who is on the other side of emails. These are malicious emails , the kind that spread viruses, or the kind that trick CFOs and other company execs into wiring money into accounts, never to be seen again.

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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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