Finextra

MARCH 18, 2024

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments.

Credit Push 52

Credit Push NACHA Nacha Rules Rules 52

PYMNTS

AUGUST 3, 2020

” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

Fincen 88

Fincen Scams Email Compromise Phishing 88

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 Wires 65

PYMNTS

DECEMBER 28, 2020

In this week's B2B Data Digest, PYMNTS breaks down the numbers behind the latest cases of fraud, including the growing risks of small business loan fraud, a case of expense fraud, and the ever-persistent Business Email Compromise risk intensified by Brexit uncertainty.

B2B 116

B2B Email Compromise NACHA Small Business 116

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. billion (or slightly over half) of all losses tracked in 2019.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

AUGUST 3, 2020

200%: Growth in business email compromise attempts between April 2020 and May 2020. 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. 175K: Minimum number of new jobs Amazon says it has created since March.

Email Compromise 94

Email Compromise Compromise Payments B2B 94

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand.

Business Email Compromise 70

Business Email Compromise Scams Email Compromise FBI 70

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

OCTOBER 7, 2019

Separately, researchers at Agari are warning of Silent Starling, the newest cybercriminal ring using a Vendor Email Compromise (VEC) scam to steal company cash from supply chains. “VEC is the next evolution of business email compromise. . “VEC is the next evolution of business email compromise.

Scams 62

Scams Email Compromise B2B Business Email Compromise 62

Payments Source

JUNE 28, 2018

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

Email Compromise 68

Email Compromise Business Email Compromise Phishing Compromise 68

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

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 23, 2020

It’s unclear whether small businesses are eligible for the reimbursement program, though the scam is commonly found targeting small and medium-sized businesses (SMBs) and corporates via business email compromise schemes and other fraudulent tactics.

Email Compromise 71

Email Compromise Payroll FBI Compromise 71

PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account.

Business Email Compromise 86

Business Email Compromise FBI Bitcoin Email Compromise 86

PYMNTS

APRIL 13, 2020

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. “The number of cyberattacks against organizations and individuals is significant and is expected to increase,” Europol’s announcement stated.

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

Business Email Compromise 96

Business Email Compromise Scams Ransomware Email Compromise 96

PYMNTS

SEPTEMBER 10, 2019

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

Email Compromise 46

Email Compromise Compromise Cybersecurity Scams 46

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

SEPTEMBER 18, 2019

Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018. And, in digital banking, financial institutions (FIs) are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels. All this, Today in Data.

Email Compromise 76

Email Compromise Scams Compromise B2B 76

The Paypers

APRIL 24, 2020

Switzerland-based cybersecurity service provider GlobeX Data has announced that it is planning to launch a new service against BEC (Business Email Compromise) attacks.

Business Email Compromise 36

Business Email Compromise Email Compromise Scams Compromise 36

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

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

AUGUST 3, 2020

According to the Irish Examiner , Irish businesses are now urged to use caution when making payments to suppliers after several instances of the vendor email compromise scam emerged. Criminals reportedly mimicked email addresses from personnel at legitimate suppliers and requested payments on invoices be made into a new account.

B2B 131

B2B FPC Scams Email Compromise 131

PYMNTS

FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams.

Scams 56

Scams Email Compromise Compromise Correspondent 56

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

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. 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.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

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

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.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

PYMNTS

MARCH 27, 2017

Department of Justice just announced it has caught an email hacker who made away with a small fortune redhanded. 45 percent | Increase of business email compromise attacks in Q4 2016. 45,000 | Number of email attacks examined by just Proofpoint between July and December 2016. businesses hacked in this case.

Email Compromise 40

Email Compromise Business Email Compromise Compromise Scams 40

The Paypers

APRIL 24, 2020

Switzerland-based cybersecurity service provider GlobeX Data has announced that it is planning to launch a new service against BEC (Business Email Compromise) attacks.

Business Email Compromise 28

Business Email Compromise Email Compromise Scams Compromise 28

The Paypers

AUGUST 20, 2019

(The Paypers) Obinwanne Okeke, a Nigerian businessman that stole USD 11 million from one victim alone, has been accused of business email compromise fraud (BEC).

Email Compromise 31

Email Compromise Business Email Compromise FBI Scams 31

PYMNTS

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. Mobile means one can do just about anything by using their device: order food, bank online, read the news … even commit payments fraud, sometimes from the unlikeliest of places.

Business Email Compromise 61

Business Email Compromise Email Compromise Scams Compromise 61

PYMNTS

JANUARY 18, 2021

The individual is accused of conspiring to open bank accounts in the state for fraudulent companies in order to perpetuate the business email compromise (BEC) scam, which involves issuing fake invoices to companies' accounts payable departments. Department of Justice. business director, reports in Euro Weekly News said.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

APRIL 14, 2017

74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. In the Association for Financial Professionals ‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

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. Those replies are then recorded and made available for IT managers to download and review if needed.

Phishing 67

Phishing Wire Transfer Email Compromise Business Email Compromise 67

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. Researchers said the findings underscore the acknowledgment that fraudsters are stratifying their methods to optimize returns by automating and scaling attacks.

Small Business 92

Small Business Email Compromise Ransomware Compromise 92