PYMNTS

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.

Scams 65

Scams Email Compromise Compromise Wire 65

PYMNTS

SEPTEMBER 23, 2020

Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. Developments Around The Financial Crimes Space. For more on these and other financial crime news items, download this month’s Playbook. About The Playbook.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

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. PYMNTS breaks down the numbers behind the latest cases below.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

JUNE 22, 2020

But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. At the same time, the percentage of companies that say they have been impacted by fraud actually declined year-over-year. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. Internet scammers, by nature, are a resourceful lot.

Scams 87

Scams Checks Romance Scams Email Compromise 87

PYMNTS

DECEMBER 30, 2016

2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. Organizations are realizing that the best way to combat this relentless crime wave is to move to electronic payments. As night follows day, crime will continue.

Checks 58

Checks Email Compromise Security Compromise 58

Fraud.net

AUGUST 16, 2024

Transform financial crime management, by shifting from transactions to entities to combat money laundering and enhance compliance.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. the Associated Press (AP) reported. There are also 2.3 Also this month, the U.S.

Authorization 67

Authorization Financial Crimes Money Laundering Email Compromise 67

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

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The emails often appear as legitimate requests, such as, for example, a request for invoice payment from a supplier. billion in losses.

Scams 43

Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

OCTOBER 7, 2020

As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist.

Bitcoin 93

Bitcoin Consumer Scams Cryptocurrency 93

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. When it comes to fraud threats, no company — large or small — is immune.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

PYMNTS

MAY 25, 2016

The Business Email Compromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.

Email Compromise 40

Email Compromise Security Compromise Data Breach 40

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. The scam involved an email claiming a new bank account connected to remittance payments.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. billion from unsuspecting companies. According to reports, funds wired are rarely recovered.

FBI 40

FBI Scams Email Compromise Wire 40

PYMNTS

SEPTEMBER 9, 2019

It’s unclear whether AI voice mimicking will become the norm in cyberattacks, but what is certain is that these criminals are growing more sophisticated and experimenting with new technologies and tactics to commit their crimes. Now, Australia is looking to update and revamp its strategy to combat cyber crime.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

APRIL 30, 2018

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). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

PYMNTS

APRIL 28, 2019

A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. The number of business email compromise (BEC) attacks, said Trend Micro, was up by 28 percent globally.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

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. The Pandemic's Security Impact.

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. “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.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

SEPTEMBER 8, 2020

80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. million per targeted attack. . According to Stuff.co.nz

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

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. That email led to the creation of an automated payment account, and funds were transferred. billion in 2018. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

PYMNTS

FEBRUARY 20, 2018

The watchdog is calling for change in how banks handle this type of crime when it affects their customers. This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. The scale of this crime means banks do not reimburse their customers when hit with a scam.

Email Compromise 40

Email Compromise Scams Online and Mobile Banking Crime 40

PYMNTS

OCTOBER 3, 2017

million because of mandate fraud, which, like the business email scam, involves a scammer emailing a supplier or business to trick them into making a payment into a fraudulent account. RSM found that more than 1,500 businesses a year are tricked, making the crime the third-most common way criminals defraud a company.

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

PYMNTS

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. By all means, they’re hitting it.”.

Faster Payments 45

Faster Payments B2B Email Compromise Same Day ACH 45

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. Reports in The Art Newspaper say BEC scammers seem to have a new favorite target this time: art galleries.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

MAY 8, 2017

In a warning to businesses covered by Reuters , the FBI said bad guys used email and pretended to be from real businesses to try and steal $5.3 The schemes are known as business email compromises. billion from October of 2013 through December of 2016. In a previous report, the FBI had said thieves tried to steal $3.1

FBI 41

FBI Wire Wires Email Compromise 41

PYMNTS

NOVEMBER 26, 2019

Business email compromises. Theft in any form, of course, has its victims, and we don’t mean to make light of crime. Ours is the age of the cyberheist. Spoofed phone numbers. Billions of passwords floating around. Turns out there is always room for a bit of brute force – the physical kind, with an ax in tow.

Email Compromise 52

Email Compromise Crime Database Compromise 52

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

OCTOBER 2, 2018

Though Halloween is less than a month away, what we talk about concerning payments crime is positively … creepy. In the latest Data Drivers, David Divitt, vice president of financial crime products at Vocalink , told PYMNTS’ Karen Webster that there’s some light at the end of the tunnel when it comes to battling the bad guys.

Crime 59

Crime Money Laundering Financial Crimes Business Email Compromise 59

PYMNTS

APRIL 26, 2018

According to Barclays , much of this loss is linked to crimes like account takeovers and business email compromise scams, in which fraudsters target SMBs’ B2B transactions to steal funds. On average, the cost of fraud on a small business hit $48,700. With the new research, Barclays is launching an initiative in the U.K.

Cybersecurity 40

Cybersecurity Email Compromise Small Business Account Takeovers 40

PYMNTS

DECEMBER 24, 2018

David Divitt, vice president of financial crime products at Vocalink, told PYMNTS’ Karen Webster that $1.45 trillion of losses accrue for businesses, and roughly half of firms are victims of financial crime. Perhaps not surprisingly, financial crime and cybercrime are the biggest offenses. “It

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

JUNE 14, 2018

According to the Internet Crime Complaint Center (IC3), identity theft is the seventh largest crime in the U.S., Funded with a grant from the Identity Theft Resource Center and the Department of Justice Office for Victims of Crime, the “ Business Identity Theft in the U.S. million, in 2016 alone. What to Do About It.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

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. Attackers also turn to developing fraudulent portals to compromise professionals’ email credentials, for example.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

APRIL 14, 2017

According to Carlsson, perpetrators of this crime are becoming so sophisticated at the tactic that it’s next to impossible for someone in the accounts payable department to catch that an email they receive may not actually be from the company’s CEO, for instance. Thus, checks stay in the enterprise — and check fraud grows.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains.

Business Email Compromise 43

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. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials.

BSA 49

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