PYMNTS

JANUARY 18, 2021

This week's B2B Data Digest takes a look at the numbers behind the latest instances of fraud, including fraudulent invoices, corporate tax scams and more. $19 19 million in shipping scams hit Amazon , according to U.S. 250,000 in loan offerings are appearing in a new COVID-19 scam targeting small businesses , the U.S.

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Scams Business Email Compromise Email Compromise Federal Trade Commission 87

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. million business email scam. "We

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B2B Email Compromise NACHA Small Business 116

PYMNTS

FEBRUARY 12, 2020

As for the scams themselves, those varied widely both in terms of tactics and targets. 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.

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Business Email Compromise FBI Email Compromise Scams 101

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. He had access to both the internet and to his phone.

Scams 87

Scams Checks Romance Scams Email Compromise 87

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. million erroneous payment resulting from a BEC scam. In total, about $104.5

Business Email Compromise 70

Business Email Compromise Scams Email Compromise FBI 70

PYMNTS

AUGUST 3, 2020

In this week’s B2B Payments fraud roundup, PYMNTS examines the latest news as scams target the enterprise from both within and outside of company walls. million in stolen company funds to a suspected organized crime ring that involved cybercriminals using invoice payment redirect scams. ” $18.5

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B2B FPC Scams Email Compromise 131

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. BEC scams have been surging in 2020, with a 200 percent increase in reports between April and May this year, PYMNTS reported.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

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 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

JANUARY 18, 2019

Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

OCTOBER 9, 2020

The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 Top Four Current Scams.

B2B 116

B2B Phishing Scams Ransomware 116

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity. Targets are instructed to submit cards’ redemption codes over email. million, thanks to a phishing scam.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

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. Reports in People this week said Corcoran lost nearly $400,000 to an invoice scam and confirmed that she will not be able to recover the funds. “I

Scams 56

Scams Email Compromise Compromise Correspondent 56

PYMNTS

FEBRUARY 8, 2019

Larger Trends Point to Email Scams. In looking at scams designed to steal money from unwitting victims, fraudsters have been taking advantage of the fact that Gmail (Google’s email offering) can ignore “extra” dots in an address. The scammers have used the seeming loophole to open several fraudulent accounts.

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Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. While the corporate victims of the scam weren’t named at the time, Fortune Magazine recently reported that they were none other than Facebook and Google. At the end of March , the U.S.

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

JULY 30, 2018

A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets. Reports in the Victoria Advocate said scammers are sending emails that appear to be from payment service provider Square. While there are several versions of the email, they all include the Square logo, according to reports.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

APRIL 28, 2019

Police in Singapore helped stop a scam that was targeting users of bitcoin machines at a local mall. This is just the latest crypto scam to hit the country. Between September and November of last year, $78,000 worth of cryptocurrencies held by investors living in Singapore were lost as the result of scams.

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Scams Bitcoin Business Email Compromise Law Enforcement 59

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. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

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Scams Email Compromise Compromise Wire Transfer 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. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

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. Indeed, only days later, Europol announced an arrest into one BEC scam involving the procurement of personal protective equipment (PPE).

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

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.

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Scams Email Compromise Business Email Compromise Compromise 41

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.

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Scams Business Email Compromise Email Compromise FBI 43

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

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. How To Retain Security.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

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

MARCH 23, 2020

Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise. Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets.

Email Compromise 71

Email Compromise Payroll FBI Compromise 71

PYMNTS

FEBRUARY 3, 2020

The accused allegedly tapped a network of 49 shell firms for the business to business (B2B) scam that defrauded the government. When it comes to B2B payment scams , it’s not only outsiders but entities’ own internal personnel that is often the cause of fraudulent activity.

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Scams B2B Email Compromise Business Email Compromise 52

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.

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Scams Automation Phishing Email Compromise 63

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 the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

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Scams Business Email Compromise AFP Wire Transfer 55

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. The scam, which used those devices and deployed email methods, netted more than $3 million in Australian currency. The scams netted an alleged $25 million from 2014 to 2016. “In

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Business Email Compromise Email Compromise Scams Compromise 61

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. Cyberthieves email a company, generally in the U.S. billion from unsuspecting companies. billion from unsuspecting companies.

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FBI Scams Email Compromise Wire 40

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.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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.

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Business Email Compromise Email Compromise AFP Compromise 61

PYMNTS

SEPTEMBER 21, 2019

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Paying closer attention to suspicious emails. Stronger passwords. Using public wi-fi with caution and safeguarding mobile apps. ” The U.S.

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Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. 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. The company found that 58 percent of U.K. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

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. billion in 2019.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56