PYMNTS

NOVEMBER 18, 2019

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. said last week, noting that Ireland’s gardaí have issued warnings to businesses over the threat of the BEC scam. Meanwhile, in the U.K.,

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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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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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JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment.

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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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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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SEPTEMBER 30, 2019

The FBI has been vocal in recent years about the growing threat and subsequent damages linked to the Business Email Compromise (BEC) scam, which targets accounts payable departments in an attempt to steal company cash. The operation also reportedly led to the recovery of about $118 million in fraudulent wire transfers linked to BEC scams.

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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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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. What happens if your users receive an email from a cybercriminal pretending to be your CEO requesting an urgent wire transfer?

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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

“Business email compromise involves a criminal impersonating a senior executive or trusted business partner, reaching out to a member of their staff, and convincing that person to wire money to an account to pay a debt or fulfill a purchase order.”. Fraud Trends. billion in 2018. billion in 2018. It’s gone,” the report stated.

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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. In total, the nine companies wired nearly $100 million as a result of the frauds, most of which was unrecoverable.

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PYMNTS

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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PYMNTS

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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AUGUST 26, 2019

The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Officials said that, as had been estimated by the FBI’s Internet Crime Complaint Center, more than 14,000 complaints tied to BEC have been reported, with $1.1 million that had been wired by district employees to BEC scam.

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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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PYMNTS

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. It is so easy for attackers to pull off these kinds of scams,” he said.

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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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DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. The FBI also noted that this scam can often be coupled with other types of fraud, sometimes coming in the form of BEC in which a scammer requests a wire transfer or other payment be made.

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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. “No legitimate business or utility will call you and ask you to make a payment using a Green Dot card,” AG Frosh said in a statement.

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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. Attackers are doing the same when galleries make payments to artists, reports added.

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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. Rimašauskas has since been charged with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft.

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PYMNTS

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. The Federal Bureau of Investigation (FBI) has now pegged total losses to BEC scams at $12 billion across 150 countries, marking a 136 percent rise in BEC cases between December 2016 and May 2018.

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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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PYMNTS

DECEMBER 5, 2019

The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. And here’s perhaps a new wrinkle in the hacker model, with Wired reporting: “Evil Corp was apparently also in the franchise business.

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DECEMBER 5, 2019

The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. And here’s perhaps a new wrinkle in the hacker model, with Wired reporting: “Evil Corp was apparently also in the franchise business.

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PYMNTS

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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PYMNTS

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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PYMNTS

DECEMBER 20, 2019

He pleaded guilty, stating that, in addition to the phishing scam, he forged invoices and other documents, which he submitted to banks to support the wire transfers, according to prosecutors. In 2017, Rimasauskas was arrested in Lithuania and extradited to the U.S. His accomplices have not been identified as of Thursday.

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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. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. False Sense of Protection.

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PYMNTS

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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PYMNTS

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. A total of 17,642 reports of BEC were reported to authorities between Oct.

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PYMNTS

APRIL 5, 2019

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. But all too often we don’t know just who is on the other side of emails.

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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

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 agency has found more than 32,000 documented cases of BEC attempts during that timeframe.

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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. Postal Inspection Service. Of the 74 arrested, 42 were people in the U.S.,

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