PYMNTS

AUGUST 3, 2020

200%: Growth in business email compromise attempts between April 2020 and May 2020. 80.8%: Share of AP departments paying suppliers with paper checks in 2019. $5T: And in retail, Amazon ’s earnings were off the charts by any metric, and they didn’t come from cost-cutting. All this, Today in Data.

Email Compromise 94

Email Compromise Compromise Payments B2B 94

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.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

PYMNTS

DECEMBER 29, 2020

Although it occurred under dire circumstances, 2020 was the year that many organizations finally ditched the paper check in B2B payments — or, at the very least, helped to move the needle toward electronic payments. The pandemic and work-from-home requirements left organizations to act fast when it came to sending or receiving paper checks.

B2B 114

B2B Reconciliation Payments Automation 114

PYMNTS

JANUARY 13, 2020

PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. According to local Kentucky Today reports, $1.5

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

PYMNTS

APRIL 7, 2020

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. That figure marks the second-highest percentage in the past 10 years.

Business Email Compromise 61

Business Email Compromise Email Compromise AFP Compromise 61

PYMNTS

APRIL 2, 2020

Automated attacks such as ransomware, business email compromise, and system-level takeover fraud, outpaced high-touch attack methods such as check fraud, the survey said.

Small Business 92

Small Business Email Compromise Ransomware Compromise 92

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. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

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.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

APRIL 10, 2019

However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017. Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year.

AFP 69

AFP Scams Email Compromise ACH 69

PYMNTS

SEPTEMBER 28, 2020

“Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

OCTOBER 7, 2020

Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, IRS agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs. The Dark Web Likes Bitcoin, Too .

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

APRIL 30, 2018

Nearly a fifth that experienced check fraud suffered a loss, and one-third of firms that were targeted by fraud said it came from a completely unknown source. More commonly, these fraudulent transactions are only caught the day they post to the company’s bank account (the same goes for check fraud, the report found).

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . The pandemic has pushed us to do all things digitally while opening up new vectors of attack.

Money Laundering 111

Money Laundering Email Compromise AML Fraud Prevention 111

PYMNTS

APRIL 14, 2017

74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions. Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

JULY 30, 2018

A recent warning from the Federal Bureau of Investigation revealed that business email compromise (BEC) scams have now led to $12 billion in diverted funds.

Phishing 51

Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

FEBRUARY 20, 2020

The fraud firm uses “physical checks to cash out money pilfered through business email compromise (BEC) attacks,” and it is “spread around multiple countries in Africa, including Nigeria, Ghana and Kenya,” a press release said. .

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. Reports in the Pittsburgh Post-Gazette said a former controller at the company has admitted to the theft by generating payroll checks to pay her own contracting company.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

Scams 63

Scams Automation Phishing Email Compromise 63

PYMNTS

APRIL 14, 2017

One of the largest culprits: paper checks. Last year the AFP marked an unexpected reversal in the decline of the use of checks in B2B transactions, inching up 1 percent to 51 percent last year compared to 2013 levels (that survey is conducted every three years). Another issue with check use is that, at least in the U.S.,

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

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.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

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. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Check out our infographic to learn more about the continuing #evolution in fraud trends & how you can protect your firm from potential risks #fincrime #fintech #AML pic.twitter.com/dJbSqTgL0D.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

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. While 54 percent of those scams involved wire transfers, more than a third targeted check payments. The checks were forged from one of our disbursement accounts.”

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

JUNE 12, 2019

But the bad guys, armed with that very wealth of knowledge, schooled in what works in victimizing companies across sophisticated avenues such as business email compromise scams, are conducting asymmetrical warfare. Paper checks can be altered, signatures forged. Wire transfers can be steered toward fraudsters’ bank accounts.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

Business Email Compromise 61

Business Email Compromise Phishing Email Compromise Credential 61

PYMNTS

FEBRUARY 3, 2020

A PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. .

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

FEBRUARY 22, 2019

Much has been said in this space about Business Email Compromise ( BEC ) scams, where bad actors frequently pose as corporate officials, directing targeted individuals to send money to different accounts, or they pose as suppliers and present phony invoices to be paid. He had been accused of stealing $5.3

Direct Deposit 54

Direct Deposit Scams IRS Business Email Compromise 54

PYMNTS

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. Somebody sent out another email saying, ‘Ignore my previous invoice. Reports said hackers had infiltrated their emails and been impersonating both sides of the correspondence.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

OCTOBER 10, 2018

When it comes to business-to-business (B2B) transactions, paper checks are often the villain, cards an expensive but quick underdog, and ACH and its non-U.S. Companies, meanwhile, should “never blindly accept and approve a payee request by email,” said Mugford. Thieves attempted to steal $5.3

Wire Transfer 46

Wire Transfer Wire Wires Cross-Border 46

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. The Association for Financial Professionals ( AFP ) found that although automated clearing house transactions are generally regarded by CFO.com to be relatively “safer” than other types of transactions — say, paper checks — fraud involving ACH is on the rise.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

DECEMBER 24, 2018

Themes emerged, some frightening – as when it comes to getting a sense of the impact of payments fraud – and some hopeful, as evidenced in, say, businesses finally moving toward killing the check. He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. Good vs. Bad.

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

OCTOBER 3, 2017

Combined card, remote banking and check fraud in Q1 2017 was 8 percent lower than in H1 2016, the company said last week. Earlier this year, TD Bank warned that this scam, known as the business email compromise in the U.S., A fifth of NACHA attendees said the attack appeared in the form of a business email compromise.

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

PYMNTS

AUGUST 30, 2017

All computers were checked and antivirus scans assured staff that they were virus free.”. According to the cybersecurity firm, the malware is triggered via the business email compromise scam, in which someone is sent an email with a seemingly legitimate invoice in PDF form.

Email Compromise 49

Email Compromise Cybersecurity Small Business Consulting 49

PYMNTS

NOVEMBER 17, 2020

Chaos and disarray, of course, have been the hallmarks of the pandemic, and even of the leap in moving from paper checks and in-person commerce and banking to digital conduits. So, it might start with a counterfeit check, but it comes from social engineering from social media,” she offered as an example.

Authentication 78

Authentication Online and Mobile Banking Financial Crimes Mobile Banking 78

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire.

Accounts 44

Accounts Wire Transfer Wires Wire 44

PYMNTS

FEBRUARY 16, 2018

Reports last year from the Association for Financial Professionals found 75 percent of businesses surveyed said they had fallen victim to check fraud in 2017, up from 71 percent in 2015. The business email compromise scam saw an increase of 10 percent during those two years.

Email Compromise 40

Email Compromise Debit Card Credential Scams 40