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.

Scams 62

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

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

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.

Scams 52

Scams Data Breach Financial Crimes AI 52

PYMNTS

JANUARY 18, 2019

As reported late this week in Dark Reading , and as estimated by security research firm Agari , efforts are “ramping up” wherein criminals look to “divert payrolls” of senior executives. Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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 Wires 57

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.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

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.

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. As reported by Threatpost , earlier this month, researchers in London identified a cybersecurity gang that has evolved markedly in scale. The fraud evolved into romance scams a few years later, then BEC scams in 2015.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

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.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

SEPTEMBER 27, 2016

New research from Zscaler highlights an online scam to obtain credit card information from Magento’s eCommerce platform. Over the last three months, hackers have compromised over 400 retail sites that run Magento. Over a period of three months, Zscaler has found around 2,000 distinct pages with injected malicious JavaScript.

Scams 79

Scams Credit Cards Credential Compromise 79

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.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

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

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

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

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. IBM researchers Claire Zaboeva and Melissa Frydrych said the aim of the attack "may have been to harvest credentials to gain future unauthorized access," possibly with an intent to obtain information into vaccine distribution strategies.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

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

DECEMBER 28, 2020

In a recent announcement, Nacha said that a survey it conducted in collaboration with Blueflame Consulting and Research revealed the accounts payable department's growing exposure to fraud risks, the result of challenges in maintaining and verifying data, vendor on-boarding, and other manual tasks. million business email scam. "We

B2B 116

B2B Email Compromise NACHA Small Business 116

PYMNTS

FEBRUARY 3, 2017

A new email scam is making the rounds — this time, cybercriminals are impersonating parcel delivery companies in Australia. Unfortunately for both consumers and the businesses they trust, email phishing scams have become a go-to and very successful attack method for cybercriminals. Making Consumer Trust Pay Off.

Scams 41

Scams Phishing Compromise Ubiquitous 41

Fintech News

JANUARY 17, 2024

Sophisticated scams dominate the fraud landscape BioCatch’s report uncovers a startling surge in financial cybercrime in Asia-Pacific. With scams accounting for 54 percent of all cases, there’s a 200 percent increase in voice scams from the previous year.

Deepfake 106

Deepfake APACS Scams Authentication 106

PYMNTS

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

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.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

FICO

JULY 6, 2023

Scams: A Top Fraud Concern Scams are becoming a leading fraud concern, all around the world. billion in estimated authorized user/scam losses in the US in 2022, £485 million lost in the UK in 2022, 125 million scam victims in Brazil in 2021 (a shocking 59% of the population). Let’s dig in a little deeper.

Scams 52

Scams Demand Deposit Account (DDA) AI Real Time Payments 52

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.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

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. As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Stronger passwords.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

The Fintech Times

MAY 25, 2024

Created in 2023, Aizle has grown from a small research initiative employing two data scientists to a 15-strong division with enterprise clients including NatWest Group , Financial Conduct Authority (FCA), TISA and the Department for Business and Trade.

AI 64

AI Privacy Regulations Innovation 64

PYMNTS

DECEMBER 29, 2020

Bad actors have ramped up their attacks against debit card holders in India, where such scams are reported to have risen 75 percent during the pandemic. One popular scam sees fraudsters pretending to be government officials and alleging that consumers need to hand over payments data to receive relief funds.

Debit Card 121

Debit Card Online and Mobile Banking Scams Card Issuer 121

PYMNTS

JULY 6, 2020

At the same time, however, new research from Harvard Business Review found that the percentage of businesses that actually report attempted or actual fraud is actually on the decline. 200 percent more BEC scams hit U.S. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wires 59

PYMNTS

JUNE 22, 2020

1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. ” Coronavirus-related scams are on the rise, too, researchers found. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As noted in other BEC scams, often the criminal impersonates an executive with the company. It also opens the door to more cross-border scams, as it only costs a little bit of money to set up a temporary U.S. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Cross-Border 45

PYMNTS

MAY 19, 2020

Anurag Sen, a researcher at SafetyDetective, discovered two unprotected Amazon-hosted servers last month which belong to Natura and consisted of more than 192 million records. The compromised server contained website and mobile site API logs, thereby exposing all production server information. Natura & Co.

Identity Theft 93

Identity Theft Payment APIs and Integration Payment-Related Information Phishing 93

PYMNTS

SEPTEMBER 8, 2020

80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

FEBRUARY 20, 2018

is calling for better protections against push payment scams, according to reports. This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. The scale of this crime means banks do not reimburse their customers when hit with a scam. Researchers at Which?

Email Compromise 40

Email Compromise Scams Online and Mobile Banking Crime 40

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 Scams Small Business 77

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.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

OCTOBER 1, 2019

” “Today, September 28th, 2019, the Fusion swap wallet was compromised, resulting in theft of 10 million native FSN and 3.5 The primary concern is that there are too many concerns,” added Ryan Giannotto, director of research at GraniteShares Inc., Criminals have stolen around $6.4 million ERC20 FSN tokens.

Bitcoin 46

Bitcoin Scams Stablecoins Agreements 46

PYMNTS

DECEMBER 14, 2020

The attacker’s post-compromise activity leverages multiple techniques to evade detection and obscure their activity, but these efforts also offer some opportunities for detection,” FireEye said, adding that the campaign was widespread and “affecting public and private organizations around the world.”.

Governance 85

Governance Government Security Cybersecurity 85

PYMNTS

FEBRUARY 20, 2020

The study was done by researchers from North Carolina State University, the University of Missouri-Kansas City and the University of Chieti-Pescara in Italy. ” However, the research showed that CFOs aren’t always the ones behind fraud, and are sometimes pressured to take part.

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56