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In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,
The accused allegedly tapped a network of 49 shell firms for the business to business (B2B) scam that defrauded the government. When it comes to B2B paymentscams , it’s not only outsiders but entities’ own internal personnel that is often the cause of fraudulent activity.
This week, however, a rundown of the latest B2B paymentscams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.
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. million].
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 BECscam can manifest in many forms. It is so easy for attackers to pull off these kinds of scams,” he said.
Payments System Regulator (PSR) is taking steps to address the 100 paymentscams hitting consumers and businesses every day. Banks don’t reimburse their consumer and business customers hit by such a scam, unlike reimbursements made for fraudulent payments on card products, reports in the Telegraph explained.
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