PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud.

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

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

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

JUNE 22, 2020

1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. ” Coronavirus-related scams are on the rise, too, researchers found. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

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

APRIL 2, 2020

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

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

SEPTEMBER 21, 2019

As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Information on phishing email or BEC scam campaigns, for instance, can be shared to help small businesses protect themselves before an attack occurs.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

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

JULY 6, 2020

At the same time, however, new research from Harvard Business Review found that the percentage of businesses that actually report attempted or actual fraud is actually on the decline. These tactics often hit in the form of the business email compromise scams, the ACCC said, which are the most financially damaging to target companies.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wires 59

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

DECEMBER 14, 2020

The attacker’s post-compromise activity leverages multiple techniques to evade detection and obscure their activity, but these efforts also offer some opportunities for detection,” FireEye said, adding that the campaign was widespread and “affecting public and private organizations around the world.”.

Government 85

Government Governance Security Cybersecurity 85

PYMNTS

FEBRUARY 20, 2020

The study was done by researchers from North Carolina State University, the University of Missouri-Kansas City and the University of Chieti-Pescara in Italy. ” However, the research showed that CFOs aren’t always the ones behind fraud, and are sometimes pressured to take part.

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

Checks 58

Checks Email Compromise Security Compromise 58

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. IT teams are already growing more concerned about this risk.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. The publication, citing Agari research, warned that the tactic makes BEC scammers’ messages all the more convincing. Other attacks hit small businesses with demands as low as $1,500, researchers found.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

FEBRUARY 24, 2020

Recent research suggests that businesses, including FinTech firms, racing to stay ahead of digital fraudsters’ schemes have further to go. The uptick in fraud, such as the Business Email Compromise, has continued to target areas like bank transactions, despite firms’ increased spending on anti-fraud measures, the survey found.

Automation 89

Automation Email Compromise On-Demand Process 89

PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. New research from RSM, which provides consulting services to middle-market firms, finds that U.K. 2), which highlighted RSM’s research, U.K. Earlier this year, TD Bank warned that this scam, known as the business email compromise in the U.S.,

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

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.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

JANUARY 21, 2021

Particularly stunning this year was the volume of business email compromise (BEC) attacks, which, according to the FBI, is already a $2 billion-a-year business. According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related scams alone.

Email Compromise 72

Email Compromise Business Email Compromise FBI Fraud Prevention 72

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Cross-Border 45

PYMNTS

FEBRUARY 20, 2018

This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. Researchers at Which? Push payment fraud occurs when a business or individual is coaxed into sending money for seemingly legitimate invoices when a scammer requests payment.

Email Compromise 40

Email Compromise Scams Online and Mobile Banking Crime 40

PYMNTS

APRIL 30, 2018

” In a survey of treasurers, cash management professionals, CFOs and other professionals in the treasury department, researchers found that nearly two-thirds of respondents (61 percent) feel they are in a better position this year to combat fraud within their organizations compared to last year. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

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. This is not a volume play; it’s a carefully researched play,” he told Reuters. Reuters also noted that the U.S.

FBI 41

FBI Wire Wires Email Compromise 41

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.

Business Email Compromise 57

Business Email Compromise FBI Scams Wires 57

PYMNTS

SEPTEMBER 16, 2019

As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. As reported in this space, the funds are being siphoned off in attacks that mislead human resource (HR) professionals.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

MARCH 1, 2017

Research released only days ago from Centrify found that two-thirds of surveyed companies have experienced at least five security breaches in the past two years, while separate analysis from the Identify Theft Resource Center and CyberScout have pegged 2016 as a record year for cyberattacks in the U.S.

Cybersecurity 48

Cybersecurity Phishing Email Compromise Breach 48

PYMNTS

MAY 2, 2019

Last year saw record levels of venture capital pumped into cybersecurity startups, and researchers at Gartner expect companies to increase cybersecurity spend by 9 percent between 2018 and 2019, reaching $124 billion. A recent research report released by eSentire found that indeed, vendors present a significant cyber risk to organizations.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

JANUARY 18, 2019

As reported late this week in Dark Reading , and as estimated by security research firm Agari , efforts are “ramping up” wherein criminals look to “divert payrolls” of senior executives. A pair of studies have shown that companies are increasingly being targeted through methods both sophisticated and decidedly mundane.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

SEPTEMBER 9, 2019

50 percent of alerts received by cybersecurity experts are false-positives , new research from CRITICALSTART reveals. As a result, these professionals are beginning to tune out those alerts, raising the risk of missing an actual cyber threat, Health IT Security reports said last week.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

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. It is pure social engineering,” Crane Hassold, senior director of threat research at Agari, told the Financial Times. or the U.S.

Law Enforcement 46

Law Enforcement Email Compromise FBI Scams 46

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. ” Beazley researchers found that the mean for ransomware attack demands was $10,310, though one incident saw a demand for $8.5

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

APRIL 26, 2018

More than a tenth of small firms told researchers they had suffered a cyberattack; more than 8 percent of that group said they had to reduce staff levels to cover the cost of cybercrime. With the new research, Barclays is launching an initiative in the U.K. If an email or call sounds fake, check it.”.

Cybersecurity 40

Cybersecurity Email Compromise Small Business Crime 40

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. Researchers advised small business owners to not download any email attachments from an unnamed address.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. Unfortunately, research reveals that corporates' own employees and business partners can often be at the heart of supply chain fraud and other scams. Finding The Culprit.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

APRIL 14, 2017

In its 2017 AFP Payments Fraud Survey , researchers noted a “dramatic” increase in corporate payments fraud compared to levels seen in 2015. Carlsson noted earlier research released by the AFP for its analysis of the use of electronic payments among corporates. Where we stand right now, we’re at the peak level of payment fraud.”.

AFP 40

AFP B2B Business Email Compromise Email Compromise 40