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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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.

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FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. According to local Kentucky Today reports, $1.5

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B2B Wire Transfer FBI Cybersecurity 89

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. Once inside, cybercriminals can monitor the financial connections and interactions within the company.

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

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. But, as they say, prevention begins at home.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. According to the FBI, professionals must be "wary" of online job postings that cater to the remote worker, with many of these posts having fraudulent intentions.

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FBI Business Email Compromise Scams Mitigation 71

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.

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Cross-Border Wire Transfer B2B Wires 64

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

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.

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Business Email Compromise Scams Audit Payroll 69

PYMNTS

APRIL 13, 2016

“The number of reported identities exposed in data breaches are just the tip of the iceberg,” an infographic highlighting the report data noted, adding a question about what really remains hidden when it comes to compromised identities. According to Wired U.K. , All in, victims paid out about $24.1 million total.

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Ransomware Data Breach FBI Breach 43

PYMNTS

AUGUST 26, 2019

The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Officials said that, as had been estimated by the FBI’s Internet Crime Complaint Center, more than 14,000 complaints tied to BEC have been reported, with $1.1 million that had been wired by district employees to BEC scam.

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Business Email Compromise Romance Scams Scams Identity Theft 58

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. According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. From October 2013 through December 2016, a new report from the FBI suggests cybercriminals used business email compromise (BEC) scams to try and steal some $5.3 told Reuters that the FBI report covered just 20 percent of the total and that the losses could be double.

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Business Email Compromise ATM Phishing FBI 51

PYMNTS

SEPTEMBER 17, 2018

Per Nathan Shields, special agent with the FBI , the details of the conspiracy and the hack(s) come from multiple sources, spanning activities such as analyzing compromised victim systems and executing approximately 100 search warrants across 1,000 email and social media accounts. Park is being charged by the U.S.

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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.

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Business Email Compromise Scams Romance Scams Counterfeit Check 51

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

APRIL 11, 2016

Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 The growth in compromised ATM incidences continued unabated through the past year, FICO noted late last week, with the total number of ATMs being hit rising as much as 546 percent year over year. billion since 2013.

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ATM Wire Transfer Scams Compromise 40

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. The Federal Bureau of Investigation (FBI) has now pegged total losses to BEC scams at $12 billion across 150 countries, marking a 136 percent rise in BEC cases between December 2016 and May 2018.

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Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

SEPTEMBER 3, 2019

One of Methbot’s ringleaders was extradited from Bulgaria to the United States in January and indicted with 13 counts of wire fraud, money laundering and computer intrusion, but authorities are still coming to grips with the scale of the operation. This effectively steals the impression from the advertiser.

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Bots Money Laundering FBI Push-to-Card 49

PYMNTS

JUNE 20, 2016

The business email compromise has created more than 22,000 cases in the U.S. and elsewhere, the FBI found, leading to requests for $3.1 Most, the bureau noted, involved requests for wire transfers into bank accounts in Hong Kong and China, though 79 nations were identified within these requests, reports said. Like in the U.S.,

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Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. 2016, according to the FBI. billion, the FBI reported. 2013 and Feb.

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