PYMNTS

JANUARY 13, 2020

Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. The risk can also lead to fraudsters spoofing the email addresses of C-Suite executives to initiate payments to a fraudster’s account.

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

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

NOVEMBER 13, 2020

Many firms still process cross-border transactions through wire transfers. A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

Cross-Border 64

Cross-Border Wire Transfer B2B Wires 64

PYMNTS

JUNE 15, 2016

The FBI is warning about the increasing risk of wire transfer fraud. As part of its newly launched public awareness campaign on wire transfer fraud, the FBI provided tips to help companies detect and fight the threats. Billion | The total amount lost to wire-transfer fraud between October 2013 and February of this year.

FBI 40

FBI Wire Wires Wire Transfer 40

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. According to reports, funds wired are rarely recovered. billion from unsuspecting companies.

FBI 40

FBI Scams Email Compromise Wires 40

PYMNTS

SEPTEMBER 16, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm in January.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

DECEMBER 30, 2016

2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. But, Vigue added, 2017 will be a year of continued innovation in the technology that can prevent, detect and mitigate a corporate cyberattack. In addition, the battlefield is evolving.

Checks 58

Checks Email Compromise Security Compromise 58

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. Attackers are doing the same when galleries make payments to artists, reports added.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

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.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

JUNE 12, 2019

In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace. Fraudsters are getting smarter.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

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). More than a fifth of companies said they cannot detect ACH or wire fraud before it leaves their companies.

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

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. Unfortunately, Sadler noted, it often doesn’t matter whether a fraudster is requesting a wire transfer or wire card payment. “It

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

JANUARY 18, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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. “This is a scam, pure and simple.

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. The FBI also noted that this scam can often be coupled with other types of fraud, sometimes coming in the form of BEC in which a scammer requests a wire transfer or other payment be made.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. . “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement. What to Do About It.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

APRIL 14, 2017

Perhaps worse than a company’s inability to identify these scams, though, is that often businesses aren’t even aware they should be looking out for them, “I made a presentation last year to a group of about 130 people and asked if they knew what a business email compromise scam was,” Carlsson recalled. Only about 10 hands came up.”. “I

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. That’s the status quo in corporate payments, and it’s not only creating friction for the business payer; it’s creating headaches for small business (SMB) accounting too.

Accounts 44

Accounts Wire Transfer Wires Wire 44

PYMNTS

JUNE 20, 2016

Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment. The business email compromise has created more than 22,000 cases in the U.S.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

JUNE 12, 2018

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. million and the caused the disruption and recovery of about $14 million in fake wire transfers. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Scams 60

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42