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

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Business Email Compromise Scams Email Compromise FBI 70

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.

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Scams Email Compromise Compromise Wire 65

PYMNTS

FEBRUARY 12, 2020

All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5 As for the scams themselves, those varied widely both in terms of tactics and targets. And while the BEC is not the most common form scam, it is a lucrative one.

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Business Email Compromise FBI Email Compromise Scams 101

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.

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FBI Scams Email Compromise Wires 40

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.

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Scams Checks Romance Scams Email Compromise 87

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

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

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. What Is a Business Email Compromise Attack?

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Email Compromise Compromise Business Email Compromise Risk 52

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. In 2022, we saw an alarming increase in the number of compromised cards, as monitored by the FICO’s Card Alert Service.

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Scams Posting Push-to-Card Compromise 52

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

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

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. 79 | The number of countries identified by the FBI as being involved in requests for fraudulent transferred funds.

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FBI Wire Wires Wire Transfer 40

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

DECEMBER 8, 2020

With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

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FBI Business Email Compromise Scams Mitigation 71

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. Agari said the payroll diversion scams are on the rise and are gaining traction as a result of social engineering.

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FBI Direct Deposit Wire Transfer Payroll 69

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

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016.

Business Email Compromise 55

Business Email Compromise Scams Fincen Crime 55

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.

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B2B Phishing Scams Ransomware 116

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. What to Do. But, as they say, prevention begins at home.

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FBI Credit Union Credential Cybersecurity 50

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.

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Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

JANUARY 13, 2020

This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.

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B2B Wire Transfer Cybersecurity FBI 89

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).

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Email Compromise Business Email Compromise FBI Scams 31

FICO

AUGUST 16, 2022

At FICO World 2022, I hosted a session where we talked about global fraud trends like authorized push payment scams and romance scams. And card skimming is big business; the FBI estimates that “skimming costs financial institutions and consumers more than $1 billion each year.”. But here in the U.S.,

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Compromise Romance Scams Push-to-Card ATM 52

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

Business Email Compromise 61

Business Email Compromise Email Compromise Scams Compromise 61

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. The BEC scam can manifest in many forms. It is so easy for attackers to pull off these kinds of scams,” he said.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

AUGUST 26, 2019

22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Late this past week, on Thursday (Aug.

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Business Email Compromise Romance Scams Scams Identity Theft 58

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.

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Phishing Data Breach Law Enforcement Money Laundering 59

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.

Governance 85

Governance Government Security Cybersecurity 85

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. Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3 counterparts are not available.

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Wire Transfer Wire Wires Cross-Border 46

PYMNTS

JANUARY 21, 2021

According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related scams alone. 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.

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Email Compromise Business Email Compromise FBI Fraud Prevention 72

PYMNTS

FEBRUARY 14, 2020

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

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Cross-Border Business Email Compromise Romance Scams FTC 52

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. The warning on cybersecurity risk comes as the FBI has estimated that over the past five years, U.S.

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Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. FBI Sees Wire Fraud Via Email Grow In 2016. billion across organizations.

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Business Email Compromise Phishing ATM FBI 51

PYMNTS

SEPTEMBER 9, 2019

In the United Kingdom, online marketplace news site Tamebay reported this past week that eBay has allegedly not stopped a scam where fraudsters changed details of sellers’ PayPal addresses and diverted funds into scammers’ accounts. Or is it already happening to you and you just aren’t aware you’re being scammed?

Business Email Compromise 40

Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

NOVEMBER 13, 2020

Fraud scams targeting these wire transfers have long been an issue, with U.S. billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

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Cross-Border Wire Transfer B2B Wires 64

PYMNTS

AUGUST 8, 2018

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

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Ransomware Phishing Email Compromise Online and Mobile Banking 44