NACHA

MARCH 17, 2024

HERNDON, Virginia, March 18, 2024 – Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).

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Credit Push NACHA Nacha Rules Rules 121

PYMNTS

AUGUST 3, 2020

COVID-19 and the ensuing economic downturn has caused B2B payment challenges to reach a new level. Vendors that once saw late buyer payments as unavoidable now risk going out of business if their clients don’t speed up the pace of payments. 200%: Growth in business email compromise attempts between April 2020 and May 2020.

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Email Compromise Compromise Payments B2B 94

PYMNTS

AUGUST 3, 2020

.” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency. That could include talking about ways to make money through digital currency schemes like cryptocurrency.

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Fincen Scams Email Compromise Phishing 88

Payments Source

JUNE 28, 2018

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

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Email Compromise Business Email Compromise Phishing Compromise 68

PYMNTS

DECEMBER 29, 2020

Although it occurred under dire circumstances, 2020 was the year that many organizations finally ditched the paper check in B2B payments — or, at the very least, helped to move the needle toward electronic payments. B2B payments are messier than B2C payments," said Chanda. In Pursuit Of Perfection.

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B2B Reconciliation Payments Automation 114

PYMNTS

FEBRUARY 12, 2020

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

AUGUST 24, 2020

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., A 60 percent increase in ransomware payments signals continued B2B payment attacks, according to the latest data from Coveware. Canada and the world over.

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Scams Business Email Compromise Ransomware Email Compromise 119

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.

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Scams Email Compromise Compromise Wires 65

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. 155 percent more cases of invoice and payment fraud hit organizations from Q2 to Q3 , the latest analysis from Abnormal Security has found.

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Business Email Compromise Scams Ransomware Email Compromise 96

PYMNTS

JANUARY 13, 2020

This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity.

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B2B Wire Transfer FBI Cybersecurity 89

PYMNTS

SEPTEMBER 18, 2019

In B2B payments, a series of payment innovations is promising to put an end to some common frictions. Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018. All this, Today in Data. 70 percent: Share of customers born after 1980 who are willing to use digital banks.

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Email Compromise Scams Compromise B2B 76

PYMNTS

MARCH 23, 2020

It’s too soon to tell how the coronavirus crisis will impact corporates’ financial and payment operations, but while analysts continue to raise the alert about consumer payments fraud, the risk of B2B payments fraud persists, particularly as more employees work from home. The report surveyed U.K.

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Email Compromise Payroll FBI Compromise 71

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. million erroneous payment resulting from a BEC scam. In total, about $104.5

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Business Email Compromise Scams Email Compromise FBI 70

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 Email Compromise Crime 91

PYMNTS

APRIL 10, 2019

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. ” . ”

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AFP Scams Email Compromise ACH 69

PYMNTS

FEBRUARY 1, 2021

But the statistic is no cause for celebration: according to the report, the decline in data breaches can be attributed to the fact that cybercriminals are instead turning their attention toward Business Email Compromise (BEC) scams that target company accounts payable departments.

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Data Breach Breach Business Email Compromise Scams 136

PYMNTS

APRIL 7, 2020

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. ACH payment methods also seem to be of greater interest to scammers.

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Business Email Compromise Email Compromise AFP Compromise 61

PYMNTS

OCTOBER 7, 2019

Separately, researchers at Agari are warning of Silent Starling, the newest cybercriminal ring using a Vendor Email Compromise (VEC) scam to steal company cash from supply chains. “VEC is the next evolution of business email compromise. . “VEC is the next evolution of business email compromise.

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Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

SEPTEMBER 10, 2019

A subsidiary of automaker Toyota has lost millions of dollars thanks to a vendor payment scam, according to SC Media UK reports. A recent case involving fraudulent payment directions from a malicious third party … has resulted in a financial loss at our European subsidiary,” Toyota said in a statement. “We

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Email Compromise Compromise Cybersecurity Scams 46

PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud. Though the figure is high, it’s a decrease from 80 percent in 2018, the AFP noted.

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Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

JUNE 22, 2020

billion may be unaccounted for on the books of Germany payments company Wirecard. 1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. The company found that 58 percent of U.K. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

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. According to a PYMNTS report, there were 33 percent more ransomware payments made by businesses during the first quarter of 2020.

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Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

NOVEMBER 18, 2019

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. cybersecurity technology companies are taking measures to raise awareness and combat corporate payment fraud risks.

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Business Email Compromise Scams Email Compromise Compromise 51

Finextra

MARCH 18, 2024

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments.

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Credit Push NACHA Nacha Rules Rules 52

PYMNTS

MAY 3, 2017

NACHA may have assured some banks that Same Day ACH hasn’t led to an increase in payments fraud, but concerns remain widespread about how the initiative and other faster payments efforts will reduce the window of opportunity for FIs to detect and prevent an incident. Faster payments is especially prone.”.

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Faster Payments B2B Email Compromise Same Day ACH 45

PYMNTS

DECEMBER 30, 2016

Mike Vigue, vice president, product strategy, cyberfraud and risk management at B2B payments firm Bottomline Technologies , warns that ongoing use of paper checks, fraudulent emails and general ignorance of cyberthreats will continue to place businesses — and their payment activities — at the center of thieves’ targets.

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Checks Email Compromise Security Compromise 58

PYMNTS

APRIL 14, 2017

In the Association for Financial Professionals ‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams.

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B2B Business Email Compromise Email Compromise Scams 40

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.

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Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

JANUARY 18, 2021

According to the allegations, the brothers shipped, invoiced and received payment for products Amazon never agreed to procure by switching the product identification number and other details on the purchase order after it had been confirmed with Amazon. Department of Justice. business director, reports in Euro Weekly News said.

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Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

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Business Email Compromise FBI Email Compromise Scams 56

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 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug.

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Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

SEPTEMBER 17, 2018

Mobile means one can do just about anything by using their device: order food, bank online, read the news … even commit payments fraud, sometimes from the unlikeliest of places. In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam.

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Business Email Compromise Email Compromise Scams Compromise 61

PYMNTS

OCTOBER 9, 2020

Spoof emails that impersonate healthcare companies looking to ensure that your coverage remains intact during the pandemic is one new way criminals are looking to gain unauthorized access to your personal data. Business Email Compromise.

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B2B Phishing Scams Ransomware 116

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

MAY 25, 2016

The Business Email Compromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.

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Email Compromise Security Compromise Data Breach 40

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. That access allowed the accountant to make payments from the business to her own personal account, reports said.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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. I lost the $388,700 as a result of a fake email chain sent to my company,” she told the publication. “It

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Scams Email Compromise Compromise Correspondent 56