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., Reports in Security Boulevard said that the 60 percent spike occurred in just three months, with the average payout being $178,254 for Q2 2020, compared to $111,605 in Q1.

Scams 119

Scams Business Email Compromise Ransomware Email Compromise 119

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.

Email Compromise 68

Email Compromise Business Email Compromise Phishing Compromise 68

PYMNTS

MARCH 23, 2020

Officials are warning of a rise in phishing attacks, while retailers have also been warned about fraud risks, with Amazon recently removing 1 million products for allegedly making fraudulent claims, recent Forbes reports said. Secret Service Department of Homeland Security wrote in a warning published earlier this month.

Email Compromise 71

Email Compromise Payroll FBI Compromise 71

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions. What is Business Email Compromise (BEC)?

Email Compromise 52

Email Compromise Business Email Compromise Compromise Phishing 52

PYMNTS

SEPTEMBER 21, 2019

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Paying closer attention to suspicious emails. Department of Homeland Security. Stronger passwords. Using public wi-fi with caution and safeguarding mobile apps.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

APRIL 4, 2019

. “The threat posed by cybercriminals continues to grow in complexity as they devise new techniques to breach IT security and trick unsuspecting employees into allowing them access to systems,” said Beazley Global Head of BBR Services Katherine Keefe in a statement. New Attacks Emerge.

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

DECEMBER 17, 2019

While the email contains a link to what should be a website for procurement, the victim views a convincing facsimile. The victim is then offered a choice of logging in through email credentials from providers such as Google, Microsoft and Yahoo. Anomali, a security firm, says it has found bogus websites of the U.S.,

Credential 40

Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. Next-Level Payments Security.

Scams 63

Scams Automation Phishing Email Compromise 63

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. ProofPoint’s report does not underestimate the strength of ransomware attacks via phishing.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

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.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). The scam involved an email claiming a new bank account connected to remittance payments. Tax season is upon U.S.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

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. million per targeted attack.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

SEPTEMBER 23, 2020

Senior citizens are the demographic group most vulnerable to identity fraud, as they are often not as digitally savvy as their younger counterparts nor as adept in online security best practices. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

MAY 1, 2017

Phishing attacks can happen to even the most vigilant among us. Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. It doesn’t matter where or who you are. At the end of March , the U.S. In a statement, Google confirmed that it had been a target.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

MARCH 6, 2020

A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. In the meantime, PYMNTS gathered up a shortlist of the B2B FinTechs that were able to secure new funding as backers prepare for their next wave of support. and hoping to expand into Europe. At the same time, the U.S. Mailprotector.

B2B 80

B2B FinTech MSPS Email Compromise 80

PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

Business Email Compromise 61

Business Email Compromise Phishing Email Compromise Credential 61

PYMNTS

OCTOBER 17, 2018

Securities and Exchange Commission (SEC) has issued a stern warning to public companies: tighten cybersecurity controls or risk being in violation of federal law. The companies, which each had securities listed on a national stock exchange, were in sectors including technology, machinery, real estate, energy, financial, and consumer goods.

Cybersecurity 76

Cybersecurity Email Compromise Law Enforcement Business Email Compromise 76

PYMNTS

APRIL 14, 2020

With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments. Filtering The Inbox.

Email Compromise 96

Email Compromise Compromise Business Email Compromise Phishing 96

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. A Marriage Of Advanced Tech With Due Diligence.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Let’s look at what business email compromise attacks are and explore some of the many ways you can combat them. What Is a Business Email Compromise Attack? Reported losses in 2020 exceeded $4.2

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

JANUARY 30, 2017

Health care entities and government agencies, too, are at risk for their data security. Hacking, skimming and phishing attacks are once again the most common type of data breach attack, making it the eighth year in a row for this type of data breach, researchers said. 1,093 data breaches hit entities in the U.S.

Data Security 54

Data Security Governance Government Data Breach 54

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.

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. New analysis from Bank Info Security , for instance, revealed that BEC scammers have begun to target corporates’ financial documents from accounts receivable departments to identify unpaid invoices, as well as information regarding Days Sales Outstanding and clients.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

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.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Cross-Border 45

PYMNTS

MAY 12, 2017

This consumer concern translates to a decrease in confidence in large organizations—which is then exacerbated by data breaches and other security events. percent of total users) were affected by an email phishing scam. percent of total users) were affected by an email phishing scam. billion across organizations.

Business Email Compromise 51

Business Email Compromise Phishing ATM FBI 51

PYMNTS

APRIL 9, 2018

Gemini Advisory, which first identified the breach at Hudson’s Bay, suggests human error was to blame: An employee likely clicked on a malicious link sent via a phishing scam. When it comes to data security, the potentially detrimental impact of an inadvertent insider on IT security cannot be overstated.”.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

OCTOBER 7, 2020

The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist.

Bitcoin 93

Bitcoin Consumer Scams Cryptocurrency 93

PYMNTS

SEPTEMBER 3, 2020

That might include things like phishing or business email compromise, or it may be a more sustained attack on an organization to actually disrupt their ability to function by targeting their digital network.”. . This does create an appetite for cyberattacks,” maintained Renshaw.

Money Laundering 111

Money Laundering Email Compromise AML Fraud Prevention 111

PYMNTS

MAY 2, 2017

In other news of note from the Facebook space, it recently came to light that the social media giant, along with Google, were the heretofore unnamed victims of a combined $100 million phishing attack earlier this year. The incident indicates the urgency for major companies to shore up security across all aspects of their operations.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks. In a press release on Tuesday (Feb.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

DECEMBER 4, 2018

The Financial Times , citing cyber threat detection company Agari, reported the group, which goes by the name London Blue, is focusing on the business email compromise scam. Agari found the list, which has 50,000 targets.

Law Enforcement 46

Law Enforcement Email Compromise FBI Scams 46

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. Vade Secure has noted that such activities now include initial approaches to HR executives, where the goal is to get them to redirect funds to the fraudsters’ own accounts. The BEC attempts are also relatively cheap campaigns to wage on firms.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

JULY 26, 2017

Phishing, ransomware, business email compromises, data theft and denial-of-service tactics can be especially harmful to FIs, and not only threaten the bank, but put the FI’s entire supply chain at risk, too.

OCC 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

JANUARY 23, 2017

percent) were hacking/skimming/phishing attacks, many of which are business email compromises, in which a hacker sends a seemingly legitimate email requesting that a company pay money. But researchers questioned whether the increase is due to more breaches or simply more publicly available data on the topic.

Risk 43

Risk AFP Identity Theft Email Compromise 43

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

PYMNTS

JULY 24, 2018

Google has claimed a success in its fight against employee phishing scams , telling reporters that none of its more than 85,000 employees have fallen victim to such a scam since the company deployed its Security Keys program. “Users might be asked to authenticate using their Security Key for many different apps/reasons.

Phishing 40

Phishing Security Scams Email Compromise 40

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb. as to which services we use.”

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58