PYMNTS

FEBRUARY 12, 2020

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. There were almost 24,000 complaints in 2019 and, according to the FBI, each successful attack costs roughly $75,000.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. The Great Trade-Off.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

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. According to local Kentucky Today reports, $1.5

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

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. A new notice from the FBI continues its crackdown of the scheme and pinpoints what reports call “ground zero” for the scam.

FBI 40

FBI Scams Email Compromise Wires 40

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Fraudsters also frequently target mobile banking apps, and these types of attacks are also expected to be on the rise in the coming months, according to the FBI. billion pounds ($5.2

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

Center for Payments

NOVEMBER 21, 2023

The FBI works to raise awareness of the types of scams that are common around the holidays and how you can protect yourself and your customers or members. The FBI reports, “Charity scam solicitations may come through cold calls, email campaigns, crowdfunding platforms, or fake social media accounts and websites.

Holiday Scams 40

Holiday Scams Scams FBI Federal Trade Commission 40

PYMNTS

DECEMBER 14, 2020

The FBI is currently investigating the attacks, and the federal Cybersecurity and Infrastructure Security Agency (CISA) issued a warning Sunday about an “active exploitation” that involved SolarWinds ’ Orion Platform software.

Government 85

Government Governance Security Cybersecurity 85

PYMNTS

DECEMBER 8, 2020

As NETSCOUT Area Vice President of Engineering, Threat and Mitigation Products Hardik Modi told PYMNTS, cybersecurity is now top of mind for many of these firms. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

JUNE 26, 2018

Cybersecurity is no longer an afterthought for today’s enterprise. Spend is still going up, too, as KPMG ‘s report found a 23 percent increase in the number of professionals prioritizing cybersecurity investments this year compared to last. The tactic relies on employee ignorance, not on system weaknesses, to find success.

Cybersecurity 43

Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

OCTOBER 9, 2020

Leigh Reichel , new chief financial officer of cybersecurity firm INKY Technology Corp. told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 Business Email Compromise. billion a year — and that seems to be growing. “We What B2B Firms Can Do.

B2B 116

B2B Phishing Scams Ransomware 116

PYMNTS

SEPTEMBER 20, 2017

The state’s cybersecurity regulation took effect on March 1, requiring financial firms to take measures to protect networks and customer data from hackers and to disclose cyberattacks to state regulators. New York isn’t the only state to respond to the Equifax breach , which compromised the personal data of about 143 million consumers.

Cybersecurity 40

Cybersecurity Breach Rules Data Breach 40

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. A compromise at one of the company’s suppliers led to the data of more than 40 million cards being vulnerable.

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

Clearly Payments

MARCH 4, 2024

From the Target data breach that compromised millions of customer accounts to the collapse of Wirecard AG following revelations of accounting fraud, these fraud events serve as stark reminders of the vulnerabilities within payment systems. Over 40 million credit and debit card accounts compromised.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

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 total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

Scams 43

Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

JANUARY 31, 2020

The FBI says it has been monitoring eSkimming for almost seven years. Herb Stapleton, section chief for the FBI’s cyber division, said per CNBC, “If you are a company that has a heavy volume of credit card numbers being inputted into your website, at that point, you’re probably at a higher risk. s Ticketmaster site in June 2018.

FBI 52

FBI Crime Cybersecurity Data Breach 52

PYMNTS

NOVEMBER 6, 2017

To mark this annual occasion, DHS holds a campaign to raise awareness of cybersecurity issues and to help companies and financial institutions take steps against the type of threats with consequences significantly more serious than perpetrating a Halloween prank. percent from Q2 2016 to Q2 2017. But obviously, that was not good enough.”.

FS-ISAC 47

FS-ISAC Cybersecurity Account Takeovers NACHA 47

PYMNTS

OCTOBER 23, 2017

According to a news report in Reuters , in a rare move, the Department of Homeland Security and the Federal Bureau of Investigation (FBI) warned that sophisticated hackers are targeting nuclear, energy, aviation, water and critical manufacturing industries, as well as government entities. The FBI declined to comment.

Security 41

Security FBI Cybersecurity Consumer 41

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. According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

JANUARY 31, 2018

We have been working closely with the FBI, cybersecurity experts and payment card brands to contain the incident and protect our customers’ payment cards,” National Stores Chief Executive Officer Michael Fallas said an announcement last Monday (Jan. as well as the credit card numbers of approximately 209,000 people.

Point-of-Sale (POS) 55

Point-of-Sale (POS) Payments Data Cybersecurity Breach 55

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. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

MARCH 7, 2019

According to a report in Reuters covering the hearing, Sorenson apologized for the hack that compromised the data on 383 million guests in the Starwood hotels reservation system, saying the company has taken steps to protect against any future hacks. It disclosed the breach publicly at the end of November.

FBI 52

FBI Data Breach Breach Shutdown 52

PYMNTS

APRIL 13, 2016

“The number of reported identities exposed in data breaches are just the tip of the iceberg,” an infographic highlighting the report data noted, adding a question about what really remains hidden when it comes to compromised identities. According to forthcoming data from the FBI, 2015 saw 2,453 reported ransomware incidents.

Ransomware 43

Ransomware Data Breach FBI Breach 43

PYMNTS

OCTOBER 14, 2016

According to a report from cybersecurity firm Symantec, the attack mirrors tactics used by the unidentified group that orchestrated an $81 million hack of Bangladesh’s central bank earlier this year. The payment system of handbag company Vera Bradley may have been compromised by a massive data breach last month. and Ukraine.

SWIFT 75

SWIFT Compromise Cybersecurity Data Breach 75

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

MARCH 22, 2016

In fact, in 2015, the FBI received roughly 2,453 complaints related to ransomware malware attacks, which amounted to $24.1 Definitely a growing threat,” FBI Special Agent Chris Stangl told The Washington Post. And it also compromises another key factor: data security. million in losses for victims.

Ransomware 0

Ransomware Bitcoin Law Enforcement FBI 0

PYMNTS

MAY 12, 2017

businesses lose an estimated $50 billion each year due to identity fraud incidents. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. FBI Sees Wire Fraud Via Email Grow In 2016. The study found that, all told, U.S.

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

PYMNTS

DECEMBER 4, 2018

The Financial Times , citing cyber threat detection company Agari, reported the group, which goes by the name London Blue, is focusing on the business email compromise scam. The Financial Times noted that in July the FBI warned hackers were targeting CFOs, getting them to transfer money to unknown accounts.

Law Enforcement 46

Law Enforcement Email Compromise FBI Scams 46

PYMNTS

AUGUST 20, 2018

If the Federal Bureau of Investigation (FBI) is right, a whole other bad idea is about to be unleashed upon our collective bank accounts. Krebs on Security cited a confidential alert that the FBI sent to banks late last week, saying that millions of dollars can be stolen in only a few hours.

FBI 40

FBI Zelle ATM Credit Cards 40

PYMNTS

AUGUST 20, 2018

And, if the Federal Bureau of Investigation (FBI) is right – a whole other bad new idea is about to be unleashed up our collective bank accounts. According to a Krebs on Security report, citing a confidential alert the FBI sent to banks late last week, millions of dollars can be stolen in only a few hours.

FBI 40

FBI Zelle Credit Cards ATM 40

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. As reported by Threatpost , earlier this month, researchers in London identified a cybersecurity gang that has evolved markedly in scale.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

JANUARY 12, 2017

million ESEA users was compromised. Since the initial point of contact, ESEA said it had talked with the hackers via emails, sought legal counsel, alerted users and notified the FBI. According to the stolen database tracker LeakedSource , the information of nearly 1.5

Ransomware 40

Ransomware FBI Database Compromise 40

PYMNTS

FEBRUARY 14, 2020

B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. The Cost of Love: Broken hearts club: Consumers report losing more than $200 million to romance scams last year, as estimated by the FTC. That’s up 40 percent over 2018. An estimated $1.77 billion in losses were due to BEC fraud last year.

Business Email Compromise 52

Business Email Compromise Cross-Border Romance Scams FTC 52

PYMNTS

JANUARY 31, 2017

From baby monitors to smartphones and beyond, there’s virtually nothing that can’t be breached and/or compromised. Name any connected device or object, and there’s a chance it will be hacked.

Ransomware 45

Ransomware FBI Bitcoin Compromise 45

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.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

JULY 12, 2017

But this one is unique because, at least at first, it was believed that consumer biometric data may have been compromised. The company said at first that users of its Market Card may have had their names and email addresses compromised, and biometric information may have been at risk as well. Another day, another fraud attack.

Risk 42

Risk Encryption Credit Cards Breach 42

PYMNTS

OCTOBER 27, 2017

This week saw warnings from both the Department of Homeland Security and the Federal Bureau of Investigation (FBI) that sophisticated hackers are targeting nuclear, energy, aviation, water and critical manufacturing industries, as well as government entities. The FBI declined to comment. Cyberattacks targeting U.S.

AI 46

AI Account Takeovers Payment APIs and Integration FBI 46