Stax

APRIL 10, 2025

An ACH transfer is an electronic movement of funds from one bank account to another via the ACH (automated clearing house) network, while a wire transfer uses a secure network like SWIFT (Society for Worldwide Interbank Financial Telecommunication) or Fedwire (Federal Reserve Wire Network) to initiate the movement of funds.

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Small Business Wire Transfer BNPL ACH 88

PYMNTS

OCTOBER 9, 2020

The wire service said a Robinhood statement indicated that the company’s internal systems were not compromised and that they are “actively working with those impacted to secure their accounts.”. 9) that hackers may have gained information about customers' personal email accounts, Reuters reported.

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Wire Wires Compromise Security 134

PYMNTS

FEBRUARY 1, 2021

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. An individual has pleaded guilty to wire fraud, bank fraud and money laundering charges. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

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 amount hackers have attempted to steal from businesses using wire fraud between October 2013-May 2016.

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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

MAY 8, 2017

Cyber wire fraud via email had increased during the last seven months of last year, according to a new warning from the Federal Bureau of Investigation. The schemes are known as business email compromises. billion from October of 2013 through December of 2016. billion from October of 2013 through December of 2016.

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FBI Wires Wire Email Compromise 41

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. Through this method, they sent tens of millions of malicious emails.”.

Money Laundering 51

Money Laundering Wires Wire Identity Theft 51

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.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

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. What happens if your users receive an email from a cybercriminal pretending to be your CEO requesting an urgent wire transfer?

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

PYMNTS

OCTOBER 17, 2018

The SEC’s investigations focused on “business email compromises” (BECs), where criminals posed as company executives or vendors and used emails to trick employees into sending large sums to fraudulent bank accounts. In total, the nine companies wired nearly $100 million as a result of the frauds, most of which was unrecoverable.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

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.

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

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. No other financial data or student-related data had been compromised, according to the report. billion in 2018. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wires 57

PYMNTS

DECEMBER 23, 2020

Wire transfers are a common method through which these workers receive cross-border payments and these payments can present numerous problems, even if they go smoothly. The flexibility freelancers value often fails to manifest in their payments experiences, however.

Cross-Border Payments 108

Cross-Border Payments Cross-Border Wire Transfer Wire 108

PYMNTS

JUNE 9, 2020

The number of Nintendo accounts compromised by hackers was nearly double the amount reported two months ago, according to TechCrunch. On Tuesday (June 9), Nintendo confirmed that another 140,000 accounts were compromised. The Nintendo Network provides games and content via the internet and can contain credit card numbers.

Accounts 59

Accounts Compromise Breach Wire 59

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

SEPTEMBER 24, 2019

With billions of compromised credentials exposed online, there is a high likelihood that most users of the U.S. financial system have had some information about themselves … compromised at some point.”. There are also a lot of illegal activities involved with wire, credit card and automated clearing house (ACH) fraud. “By

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 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

APRIL 30, 2018

According to the report, 29 percent that have experienced a system-level wire fraud attack have suffered a loss as a result. 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).

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

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.

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FBI Scams Email Compromise Wires 40

PYMNTS

JANUARY 18, 2021

The individual is accused of conspiring to open bank accounts in the state for fraudulent companies in order to perpetuate the business email compromise (BEC) scam, which involves issuing fake invoices to companies' accounts payable departments. The individual pleaded guilty to wire fraud and money laundering conspiracy.

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Scams Business Email Compromise Email Compromise Federal Trade Commission 87

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

FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams. The money was wired to the scammer yesterday, and my bookkeeper copied my assistant, who was shocked to see her name on the correspondence,” she recalled.

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Scams Email Compromise Compromise Correspondent 56

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

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K. .” ” The U.K.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wire 59

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

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.

RTP 85

RTP Real Time Payments Zelle Faster Payments 85

PYMNTS

APRIL 14, 2017

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

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.

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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.

Checks 58

Checks Email Compromise Security Compromise 58

PYMNTS

JULY 2, 2020

“On the buyer side, utilizing cards and shifting away from checks, wire and ACH provides a new credit instrument.” At the same time, vendors are opening up to the benefits of card acceptance, allowing for extended DPO for their customers without compromising timely payments. Optimizing Card Spend.

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Commercial Card Push-to-Card B2B Card Issuer 104

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 Data Breach Federal Trade Commission 66

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 Wires Wire 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 Wires Wire 52

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. The scheme apparently unfolded the way many BEC scams do — with a fraudster posing as a legitimate vendor, and where payments had been wired into scammers’ bank accounts. As reported this past week by Fox 5 in Washington, D.C.,

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

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

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

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.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77