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. The attacker used Office 365 because of the reduced suspicion and to avoid malicious detection systems, according to the post.

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Business Email Compromise Scams Email Compromise Wire Transfer 73

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

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. Fraud Trends.

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Scams Email Compromise Compromise Wires 65

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.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

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. Billion | The total amount lost to wire-transfer fraud between October 2013 and February of this year.

FBI 40

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EBizCharge

AUGUST 28, 2024

This fundamental component of the banking industry enables the correct routing of funds for transactions such as direct deposits, wire transfers, and electronic funds transfers (EFTs). ABA numbers are often used for traditional banking transactions, such as processing paper checks and initiating wire transfers.

Wire Transfer 52

Wire Transfer Direct Deposit Wire Wires 52

EBizCharge

AUGUST 28, 2024

This fundamental component of the banking industry enables the correct routing of funds for transactions such as direct deposits, wire transfers, and electronic funds transfers (EFTs). ABA numbers are often used for traditional banking transactions, such as processing paper checks and initiating wire transfers.

Wire Transfer 52

Wire Transfer Direct Deposit Wire Wires 52

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

Nanonets

SEPTEMBER 28, 2023

One of the advantages of EFT is that it's relatively quick - payments can be processed and transferred within a few days. EFT is also typically cheaper than other methods of payment (such as wire transfer), and it's a convenient way to make recurring payments (such as monthly bills).

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Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wire 52

Nanonets

SEPTEMBER 28, 2023

One of the advantages of EFT is that it's relatively quick - payments can be processed and transferred within a few days. EFT is also typically cheaper than other methods of payment (such as wire transfer), and it's a convenient way to make recurring payments (such as monthly bills).

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wire 52

PYMNTS

SEPTEMBER 18, 2017

customers may have been compromised. They could also use data from the Equifax leak to engage in phishing scams to access more information, or they can hack into a victim’s email account and send requests for cash to be wire-transferred. The paper, citing Equifax, said the changes would take effect immediately.

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Breach Risk Federal Trade Commission Data Breach 66

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. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016. The sentence follows charges by the U.S.

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Scams Email Compromise Compromise Wire Transfer 41

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

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 One Business Email Compromise scam in particular resulted in $15.4 billion in attempted stolen funds across 79 countries. On Tuesday (Aug. million stolen, according to reports. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

DECEMBER 30, 2016

2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. What cybersecurity threats will impact corporate buyers and suppliers in 2017? In addition, the battlefield is evolving.

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Checks Email Compromise Security Compromise 58

PYMNTS

OCTOBER 15, 2018

It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “No legitimate business or utility will call you and ask you to make a payment using a Green Dot card,” AG Frosh said in a statement.

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Ransomware Online and Mobile Banking Small Business Scams 77

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.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

JUNE 12, 2019

In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace. Fraudsters are getting smarter.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

PYMNTS

MAY 4, 2016

That can mean fraudulent payments made using a business credit card, a compromise of payroll systems or unauthorized ACH and wire transfers. According to researchers, small businesses lost an average of more than $12,000 in 2015 due to back-office fraud. Collectively, analysts said the financial impact amounted to $3.1

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Security Wire Transfer Small Business Wire 41

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.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

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. The email requests a wire transfer for goods or services, with a convincing enough note to not raise suspicion, and then, payment is made.

FBI 40

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PYMNTS

JUNE 27, 2016

Reuters reported late last week that Peter Locsin, of Talisay City, Philippines, is believed to be behind a cybercrime scheme to compromise the accounts of several well-known individuals at three financial institutions.

Payments Data 40

Payments Data Identity Theft Wire Transfer Compromise 40

PYMNTS

MARCH 12, 2020

Today, we put that information in bank-to-bank wire instructions. Again, Reuter highlighted the opportunity for open banking frameworks and data sharing via API to facilitate access to data in real time without compromising the trust or security of customers and their information.

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RTP Real Time Payments Zelle Faster Payments 85

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. Reports in The Art Newspaper say BEC scammers seem to have a new favorite target this time: art galleries. Attackers are doing the same when galleries make payments to artists, reports added.

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Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

APRIL 30, 2018

Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC). More than a fifth of companies said they cannot detect ACH or wire fraud before it leaves their companies.

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Email Compromise Treasury Ransomware Wire 59

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. That’s the status quo in corporate payments, and it’s not only creating friction for the business payer; it’s creating headaches for small business (SMB) accounting too.

Accounts 44

Accounts Wire Transfer Wires Wire 44

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. The FBI also noted that this scam can often be coupled with other types of fraud, sometimes coming in the form of BEC in which a scammer requests a wire transfer or other payment be made.

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FBI Business Email Compromise Scams Mitigation 71

PYMNTS

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. . “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement. What to Do About It.

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Identity Theft Wire Transfer Crime Email Compromise 43

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.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

Payment Savvy

AUGUST 6, 2024

These identifiers are essential for direct deposits, check processing, and wire transfers. They are required for processing transactions like direct deposits, check deposits, loan payments, and wire transfers. Routing numbers enable financial institutions to track where funds originated and where they’re going.

Accounts 52

Accounts Debit Card Wire Transfer Credit Cards 52

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.

ATM 40

ATM Wire Transfer Scams Compromise 40

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. Unfortunately, Sadler noted, it often doesn’t matter whether a fraudster is requesting a wire transfer or wire card payment. “It

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

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. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

Stax

JULY 9, 2024

ACH payments use sender and recipient banking account information to process transactions in one-to-three business days through the ACH network and have a lower cost than wire transfers (another EFT payment type). Essentially, most payments conducted nowadays are EFT payments and are also considered safe.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

PYMNTS

JUNE 20, 2016

Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment. The business email compromise has created more than 22,000 cases in the U.S. Like in the U.S.,

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

APRIL 14, 2017

Perhaps worse than a company’s inability to identify these scams, though, is that often businesses aren’t even aware they should be looking out for them, “I made a presentation last year to a group of about 130 people and asked if they knew what a business email compromise scam was,” Carlsson recalled. Only about 10 hands came up.”. “I

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

APRIL 15, 2019

Most companies “have put processes in place to validate big wire transfers, so now [criminals] want to stay under the radar. They then sent malicious emails from these addresses to the compromised contact lists. The defendants registered more than 100,000 email accounts using this method.

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Money Laundering Wires Wire Identity Theft 51