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.

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Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

FEBRUARY 20, 2019

With cybercriminals not making as much from ransomware and cryptojacking, they have been focusing more on a strategy called “formjacking” to raise cash. Symantec found that formjacking has become a preferred get-rich-quick scam among bad guys. Ten stolen credit cards from each website that is compromised can result in up to $2.2

Scams 69

Scams Identity Theft Compromise Ransomware 69

PYMNTS

NOVEMBER 30, 2020

The theft, if successful, could have hurt both executives and workers, and could be used in the future for a wide range of scams targeting companies by posing as leaders and scamming people into sending money. The ZDNet tipster has also gone about notifying others whose account information is known to have leaked.

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Business Email Compromise Addressing Scams Ransomware 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

Fintech Finance

MARCH 20, 2024

With the use of Generative AI and other emerging technologies, scams are more convincing than ever, leading to unprecedented losses for consumers,” said Paul Fabara, Chief Risk and Client Services Officer, Visa. These investments, in addition to our ongoing education and top talent, allow us to stay ahead of scams and protect consumers.”

Scams 59

Scams Consumer Ransomware AI 59

Fintech News

FEBRUARY 10, 2025

From high-profile ransomware attacks and terrorist financing to scams that wiped out millions in savings, global crypto crime has become an urgent concern. Ransomware Hits an All-Time High 2024 also witnessed an unprecedented surge in ransomware attacks globally, with over 5,600 publicly reported cases.

Crime 79

Crime Ransomware Scams Phishing 79

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. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

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Scams Automation Phishing Email Compromise 63

PYMNTS

OCTOBER 15, 2018

The scam entails a scammer posing as a legitimate business partner or vendor, claiming over the phone that the SMB owes them money, then demanding payment in the form of a Green Dot card. “This is a scam, pure and simple. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

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

VISTA InfoSec

SEPTEMBER 25, 2024

The most common threat that you might already be aware of is phishing scams. The aim of such scams is to steal sensitive information, from personal to financial data. This typically goes hand-in-hand with ransomware, where hackers will request a ransom to be paid to either be able to access your data or return it.

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Cybersecurity Encryption Scams Cryptocurrency 130

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. Though the figure is high, it’s a decrease from 80 percent in 2018, the AFP noted. .

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

AUGUST 21, 2018

organizations fall victim to ransomware attacks every minute — and more than $1 million is lost each minute due to cybercrime. “These attackers target brands and consumers on the open web with tactics like phishing, spinning up malicious mobile apps, hacking third-party suppliers and directly compromising websites.”

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Ransomware Phishing Compromise Credit Cards 53

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. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

JUNE 20, 2018

Business scams are nothing new. The actions come as the BBB debuted a report with results from a survey conducted among 1,200 SMBs across the nation, showing that scams are a growing risk for businesses. As many as 35 percent of firms were hit by ransomware attacks, and when ransoms were demanded, 12 percent opted to pay up.

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Scams Phishing Federal Trade Commission Wire 45

FICO

DECEMBER 14, 2021

More Vaccine-Related Scams. Related scams have also been on the rise. We believe this is one of the many scams that will consistently hit the headlines in 2022. Take the most recent example of the bank manager in the United Arab Emirates who fell victim to a threat actor’s scam. Investment in Scam-Fighting AI.

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Scams Data Breach Financial Crimes Breach 52

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

PYMNTS

JANUARY 13, 2020

The currency exchange company continues in the grips of a ransomware attack that has crippled its operations, as well as the foreign currency operations of its corporate clients, including HSBC and Barclays. 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 FBI Cybersecurity 89

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. The ransomware came through an invoice delivered through BEC. million remains missing.

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

FEBRUARY 24, 2020

41 percent more ransomware attacks were initiated last year , the New York Times reported, citing data from Emsisoft, with 205,280 businesses losing access to their data as a result. 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.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

SEPTEMBER 8, 2020

949 gigabytes of confidential data have been accessed by ransomware attackers targeting IT distributor Ma Labs , reports in CRN said, an attack that has stalled the company's operations and left its customers in limbo. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1 million per targeted attack.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

JANUARY 20, 2017

Last year saw a significant surge in the number of extortion threats, with the majority (56 percent) of the 600 organizations surveyed by Radware admitting that they have fallen victim to a cyber ransom attack and 41 percent identifying ransomware as the biggest cyber threat. Gmail Users Get Fooled.

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Phishing Ransomware EMV CHIPS 45

PYMNTS

AUGUST 8, 2018

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

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

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. KnowBe4’s tool, called Phishing Reply Tracking, tests if users will interact with hackers on the other end of a phishing email.

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

CoinRemitter

MAY 20, 2024

According to Business Standards, the losses due to crypto scams grew 54% in 2023. These wallets were connected to terror financing, scams, and sanctions violations. This blog will look at some essential strategies to secure your cryptocurrency wallets against hacks, scams, or any attacks.

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Scams Cryptocurrency Security Phishing 40

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

JUNE 13, 2017

Some of the highest-placed executives of the biggest banks on Wall Street fell prey to an email scam that had also snared some heavy financial hitters across the pond, including Barclay’s head Jes Staley. The newswire stated that no sensitive data was compromised, but at issue is the way email is filtered — or not.

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Ransomware Scams Compromise Security 40

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb.

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

JUNE 1, 2020

As the threat of B2B payments fraud persists, PYMNTS looks at the data behind some of the other latest cases of such digital scams. Among a lengthy list of attack methods, ransomware and third-party breaches remain common tactics against law firms, the report revealed. Taking into account the estimated 30.2

Phishing 59

Phishing Continuity Data Breach Cybersecurity 59

PYMNTS

NOVEMBER 25, 2016

Black Friday and Cyber Monday are a recipe for cyber-scams,” Yair Amit, CTO and cofounder of Skycure, said in a statement. It’s expected that fraudsters will stake out Wi-Fi connections and set up fake mobile apps, all in hopes of compromising shopper data while they use their smartphones. “It

Cybersecurity 76

Cybersecurity Credential Security Ransomware 76

PYMNTS

MAY 2, 2019

Twenty-nine percent said payment data was compromised, while nearly one-quarter said proprietary company data was exposed. Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. million business email compromise scam.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

SEPTEMBER 14, 2020

B2B Software-as-a-Service company Blackbaud recently notified its customers that in February of this year it fell victim to a ransomware attack and was not aware of the issue until about three months later. Again, AI — and the information gathered from previous breaches — can be powerful protection tools.

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Breach Multifactor Authentication Ransomware Email Compromise 52

The Fintech Times

JUNE 20, 2024

No bank is immune to this threat, with ransomware attacks on financial services increasing from 55 per cent in 2022 to 64 per cent in 2023. Threats can also easily come from the inside as employees or contractors with access to sensitive information may intentionally or unintentionally compromise security.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

MAY 5, 2017

The compromised Sabre system reports offering seamless connectivity to over 120 property management, 7 revenue management, 7 CRM and 18 content management solutions according to the company’s website. Google And Facebook Scammed Out Of $100 Million. Ransomware, Cyberespionage On The Rise. But that’s not all.

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Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

MAY 24, 2017

A ransomware attack, committed on a piece of malware called WannaCry or Wanna Decryptor, infected computers in more than 100 countries, all told. According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam.

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Authentication Credential Ransomware Phishing 40

PYMNTS

JANUARY 30, 2017

Many, researchers noted, were the result of CEO phishing attacks, a strategy known as the business email scam, which convinces a business employee to make a payment to a seemingly legitimate bank account.

Data Security 54

Data Security Governance Government Data Breach 54

PYMNTS

MAY 17, 2017

Just days before the ransomware attack launched, Versive , a data science and analytics firm formerly known as Context Relevant, released a new product, Versive Security Engine (good timing for businesses able to deploy it before WannaCry). These things actually play out over a period of months or years,” Polverari said.

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Cybersecurity AI Ransomware Phishing 49