article thumbnail

Fraudsters are Turning to Third Party Vendors as New Means of Attack as Firms Improve Cybersecurity

The Fintech Times

Firewalls, stronger passwords and multi-factor identification are just a few ways businesses are protecting their ‘front doors’ However, they remain susceptible to attacks through third-party vendors’ systems reveals SecurityScorecard. The MOVEit exploit was discovered in the spring of 2023.

article thumbnail

NY Cybersecurity Standards Loom, With Enterprises At The (Un)Ready?

PYMNTS

Said Hudson, smaller firms with smaller staffs and perhaps just a single dedicated cyber risk professional, or with one or two parties with significant oversight of payments processes, can be at greater risk for fraud. At a minimum, you need [cyber]insurance,” along with monitoring of third party vendors.

article thumbnail

B2B Fraudsters Find New Twists In Old Scam Favorites

PYMNTS

According to reports, there are allegations that a handful of managers within SEPTA cooperated in a fraud scheme with one of SEPTA’s vendors, which is facing claims that it submitted false invoices along with legitimate bills. “VEC is the next evolution of business email compromise. . A New Twist On the BEC Scam.

Scams 62
article thumbnail

FBI Warns Banks About Widescale ATM Cash-Out Scam

PYMNTS

According to the FBI, the bank or payment processor is compromised with malware to access bank customer card information and exploit network access, enabling funds to be taken from ATMs.

FBI 58
article thumbnail

The Uncharted Territory Of M&A Cyber Risks

PYMNTS

which suffered a data breach last year as the result of a cybersecurity incident at a third-party vendor. T-Mobile ‘s breach in 2015 that compromised the data of 15 million customers was the result of a third-party security lapse, too. Such cases have been reported at Ticketmaster U.K.

Risk 65
article thumbnail

When Vendors Open Doors To Cyberattackers

PYMNTS

Nearly 250 companies said they experienced a data breach because of security lapses at their supplier, and one-third of them said that incident impacted personal data. Twenty-nine percent said payment data was compromised, while nearly one-quarter said proprietary company data was exposed. million business email compromise scam.

article thumbnail

Back To Basics For SME Security

PYMNTS

Making matters even more complicated, it’s not only cyberthieves that can compromise a business’ data: Environmental disasters could disrupt computer systems, for instance. SMEs need to develop a plan of action if and when an event occurs, as well as a plan to recover any compromised data. Back To Basics.