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., A 60 percent increase in ransomware payments signals continued B2B payment attacks, according to the latest data from Coveware. 389 percent more BEC scams hit U.S.

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Scams Business Email Compromise Ransomware Email Compromise 119

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years. billion in 2019.

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Business Email Compromise FBI Email Compromise Scams 56

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. In Ireland.

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Business Email Compromise FBI Scams Wires 57

PYMNTS

AUGUST 12, 2019

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. The real vendor responsible for the field is still awaiting payment,” reported the site. In Canada – and in the US, too.

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Business Email Compromise Scams Fincen Compromise 59

PYMNTS

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016.

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Business Email Compromise Scams Fincen Crime 55

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. In business operations, BEC is often used to manipulate individuals within an organization for financial fraud or unauthorized access to sensitive information. What is Business Email Compromise (BEC)?

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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.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

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

SEPTEMBER 17, 2018

Mobile means one can do just about anything by using their device: order food, bank online, read the news … even commit payments fraud, sometimes from the unlikeliest of places. In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam.

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Business Email Compromise Email Compromise Scams Compromise 61

PYMNTS

FEBRUARY 12, 2020

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. 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.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams.

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Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 200 percent more BEC scams hit U.S. ” The U.K.

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Business Email Compromise Email Compromise Scams Wires 59

NACHA

MARCH 17, 2024

HERNDON, Virginia, March 18, 2024 – Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).

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Credit Push NACHA Nacha Rules Rules 119

PYMNTS

FEBRUARY 24, 2019

NCR announced late last week the acquisition of BEC , a provider of hospitality point-of-sale (POS) technology based in Denver. NCR noted BEC was an NCR POS reseller for the last twenty-three years. All former BEC employees have accepted positions in NCR, the company said in the announcement.

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Business Email Compromise Point-of-Sale (POS) Payment Solutions Service Provider 47

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. According to the site, the group is called Scattered Canary, and has plied its BEC trade over the past decade. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I

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Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

NOVEMBER 18, 2019

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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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

JULY 1, 2019

In payments fraud, it pays — literally — to change up the game a bit. Among the discoveries via leaked records: More than $39 million in payments made by the construction firm to coal-fired plant operators in the Dominican Republic, and 17 payments worth more than $3 million to a Peruvian gas pipeline operator.

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PYMNTS

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

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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Data Breach Breach Business Email Compromise Scams 136

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As noted in other BEC scams, often the criminal impersonates an executive with the company. The Agari research found that the BEC scams play out similarly to gift card scams. phone number.

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Business Email Compromise Scams Email Compromise Compromise 45

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.

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PYMNTS

AUGUST 19, 2019

Through that ransomware they have been hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key. Payment terms have been higher, too. The latest news centers on Sodinokibi, a ransomware strain that has helped fraudsters make higher ransom demands. They tend not to target poorer countries,” he said.

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Ransomware Business Email Compromise Wires Wire 72

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. As reported by businessinsights.com , the agency has found more than 32,000 documented cases of BEC attempts during that timeframe. Taken on a daily basis, the BEC scams have tried to siphon off $8.7

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails. As reported, the U.S.

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BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

Payments Source

JUNE 28, 2018

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

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Email Compromise Business Email Compromise Phishing Compromise 68

Finextra

MARCH 12, 2025

The Reserve Bank of Australia has called for more clarity in planning for the decommissioning of the Bulk Electronic Clearing System (Becs), arguing that the industry is yet to arrive at a shared vision of the desired features of account-to-account payments in Australia and that there has been insufficient industry coordination, planning and certainty (..)

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Business Email Compromise Accounts Payments 76

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. A recent survey by Proofpoint found that, amid the billions of dollars in fraud that occur worldwide and annually from BEC efforts, attacks on the financial services industry have been increasing.

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Business Email Compromise Scams Email Compromise Wires 43

PYMNTS

JANUARY 13, 2020

This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity.

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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. According to reports, the individual had access to the business’s bank accounts, allowing her to make tax payments.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

Finextra

JANUARY 6, 2025

In an era dominated by digital transactions, ensuring the security of sensitive payment data has bec.

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PCI DSS Business Email Compromise Security Digital Payments 52

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 problem is getting worse, according to the Association for Financial Professionals’ (AFP) latest Payments Fraud and Control Survey Report.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

SEPTEMBER 30, 2019

Federal Bureau of Investigation (FBI) was deployed to Kenya to investigate the matter after accounts payable department professionals for Fairfax County, Virginia received an email claiming to be from Dell Computers, requesting that the county reroute pending payments to a different, Ohio-based account. Between Aug. 8 and Sept.

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Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

FEBRUARY 24, 2020

This week’s B2B Data Digest takes a look at the latest data points behind more cases of B2B payments fraud. 2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. billion in total cybercrime-related losses for the year.

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Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

JUNE 22, 2020

billion may be unaccounted for on the books of Germany payments company Wirecard. 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. The company found that 58 percent of U.K.

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Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

SEPTEMBER 9, 2019

Of eBay, Tamebay asked: “Why are there no alerts when a PayPal email payment address is changed on active listings? million has been returned to the City of Unalaska in the wake of an investigation by federal authorities into business email compromise (BEC) fraud. Why is there no warning on the seller dashboard?

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Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

APRIL 10, 2019

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. ” . ”

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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.

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Faster Payments Business Email Compromise Treasury Real Time Payments 56