PYMNTS

OCTOBER 7, 2019

An FBI inquiry into the allegations is centered upon claims of fraudulent spend within SEPTA and misuse of the authority’s procurement cards — a common source of internal fraud for both private and public entities. “VEC is the next evolution of business email compromise. . A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

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. Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports.

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B2B Wire Transfer FBI Cybersecurity 89

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. Those replies are then recorded and made available for IT managers to download and review if needed.

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. Internet scammers, by nature, are a resourceful lot.

Scams 87

Scams Checks Romance Scams Email Compromise 87

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. According to the FBI, professionals must be "wary" of online job postings that cater to the remote worker, with many of these posts having fraudulent intentions.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. The Great Trade-Off.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

JANUARY 21, 2021

Particularly stunning this year was the volume of business email compromise (BEC) attacks, which, according to the FBI, is already a $2 billion-a-year business. Well-funded and organized fraud operations, meanwhile, continued to amass more capital, manpower and technology. It’s time to fight back.

Email Compromise 72

Email Compromise Business Email Compromise FBI Fraud Prevention 72

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

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3 counterparts are not available.

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Wire Transfer Wires Wire Cross-Border 46

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

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

MAY 12, 2017

Users received an email in which it appeared a contact had shared a document with them via Google Docs. If they opened the document, users were brought to a real Google page that required a login and permissions to access email account data. FBI Sees Wire Fraud Via Email Grow In 2016. billion across organizations.

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Business Email Compromise ATM Phishing FBI 51

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. It’s all in the name of siphoning company cash from accounts payable operations, and experts say the threat will continue to increase.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

NOVEMBER 13, 2020

The cross-border B2B payments space experienced a small drop in growth during the first half of 2020 due to the COVID-19 pandemic’s effects, but it is expected to continue expanding despite this hiccup. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts.

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Cross-Border Wire Transfer B2B Wires 64

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. The warning on cybersecurity risk comes as the FBI has estimated that over the past five years, U.S. The SEC may urge caution, but victimization continues, even at the government level. city government.

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Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

SEPTEMBER 9, 2019

million has been returned to the City of Unalaska in the wake of an investigation by federal authorities into business email compromise (BEC) fraud. We are continuing to investigate this case in an effort to identify the perpetrators.”. Separately, in the States, in Alaska, it was reported that more than $2.3

Business Email Compromise 40

Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

JUNE 26, 2018

Take, for instance, the Business Email Compromise, a scam that is attributed to an estimated $5.3 billion in stolen corporate funds in 2016, according to the Federal Bureau of Investigation (FBI). However, paper documents continue to present a challenge to corporates’ security initiatives.

Cybersecurity 43

Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

SEPTEMBER 9, 2016

And after a brief dip in 2010 and 2011, the increase continued until it peaked in 2014, according to Financial Fraud Action UK. 2016, according to the FBI. billion, the FBI reported. This fraud increase came after various financial institutions failed to implement a solid authentication apparatus to keep a check on fraudsters.

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Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. Supplier email scams , the FBI said, are rising at massive rates. 2013, resulting in $3.1

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

CB Insights

JULY 23, 2020

And as we continue to learn more about the virus, no one solution has emerged as a standalone prevention method. But as consumer product makers (such as Apple) continue to use biometric technology, this resistance and skepticism may soften. Source: Openpath. Source: Robin.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101