Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. What Is a Business Email Compromise Attack?

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PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account. But the two likely needed a U.S.-based

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PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions.

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Business Email Compromise Scams Crime Email Compromise 91

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.,

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

APRIL 28, 2019

Police in Singapore helped stop a scam that was targeting users of bitcoin machines at a local mall. A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. This is just the latest crypto scam to hit the country.

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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.

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PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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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. The Pandemic's Security Impact. How To Retain Security.

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PYMNTS

OCTOBER 7, 2020

However, in the past month alone, PYMNTS Bitcoin Daily has reported on nearly a dozen different scams and schemes involving bitcoin or other cybercurrencies. The Pandemic Is Making Scams Worse . As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. For example, the U.S.

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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.

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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. Cyberthieves email a company, generally in the U.S. billion from unsuspecting companies. billion from unsuspecting companies.

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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. with Hauser & Wirth, Simon Lee and Tony Karman as just a few of the scam’s recent targets.

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PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. The company found that 58 percent of U.K. ” $1.4

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PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. the Associated Press (AP) reported. There are also 2.3 Also this month, the U.S.

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PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. $75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

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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. Last year, 113,000 incidents of macro malware hit U.S.

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PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. million daily from companies individual victims. Targeting County Governments.

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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

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PYMNTS

FEBRUARY 20, 2018

is calling for better protections against push payment scams, according to reports. The watchdog is calling for change in how banks handle this type of crime when it affects their customers. This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier.

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PYMNTS

SEPTEMBER 9, 2019

It’s unclear whether AI voice mimicking will become the norm in cyberattacks, but what is certain is that these criminals are growing more sophisticated and experimenting with new technologies and tactics to commit their crimes. Now, Australia is looking to update and revamp its strategy to combat cyber crime.

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PYMNTS

OCTOBER 2, 2018

Though Halloween is less than a month away, what we talk about concerning payments crime is positively … creepy. In the latest Data Drivers, David Divitt, vice president of financial crime products at Vocalink , told PYMNTS’ Karen Webster that there’s some light at the end of the tunnel when it comes to battling the bad guys.

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PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. million because of mandate fraud, which, like the business email scam, involves a scammer emailing a supplier or business to trick them into making a payment into a fraudulent account. market calls “mandate fraud.”. on Monday (Oct.

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PYMNTS

MAY 3, 2017

She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes. Business Email Compromise is just one pain point,” she noted.

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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. The BEC scam can manifest in many forms. It is so easy for attackers to pull off these kinds of scams,” he said.

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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). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”

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PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

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PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams.

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PYMNTS

NOVEMBER 30, 2018

BEC Scams In Australia. The fraud is perhaps more commonly known as business email compromise (BEC). The site quoted Australian Competition & Consumer Commission (ACCC) Deputy Chair Delia Rickard, who stated, “It’s a scam that targets all kinds of businesses, including charities and local sporting clubs.

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PYMNTS

APRIL 14, 2017

But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. I can imagine that by next January, when we collect the data for the next survey, the BEC scams will eventually see a drop,” he said. Only about 10 hands came up.”. “I It’s education and internal controls,” said Carlsson.

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PYMNTS

APRIL 26, 2018

According to Barclays , much of this loss is linked to crimes like account takeovers and business email compromise scams, in which fraudsters target SMBs’ B2B transactions to steal funds. On average, the cost of fraud on a small business hit $48,700. With the new research, Barclays is launching an initiative in the U.K.

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PYMNTS

NOVEMBER 17, 2020

As much as $1 trillion is lost to financial crimes annually, according to the World Economic Forum — and that does not begin to take into account the land grab that undoubtedly increased as so much more commerce and banking moved into the online realm over the past eight months. Spray And Pray. What Lies Ahead.

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PYMNTS

APRIL 2, 2019

The scam wasn’t a one-off job, either. Fortune reports the fraudster, who pleaded guilty to the crime last month , was able to steal company funds from a range of businesses over the course of two years.

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PYMNTS

JANUARY 30, 2020

By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes. “Communication doesn’t only mean sending an email or letter to warn of the possibility of such scams,” said McConaghy.

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PYMNTS

SEPTEMBER 14, 2020

Particularly as cyberattacks rise in frequency as a result of malicious actors looking to capitalize on pandemic-related fears, organizations of all kinds will continue to face the threat of ransomware, the business email compromise and other types of attacks. This is an opportunity that algorithms and AI were tailor-made for.".

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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.

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PYMNTS

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials.

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PYMNTS

APRIL 5, 2019

It’s not organized crime,” said Arruda, “like you would think of with the Mob where everybody knows everybody.”. Education from FIs has been key, noted Arruda, who added that warnings from banks and credit unions has increased awareness about various scams including business e-mail compromises. Who Are the Bad Guys? What to Do.

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