PYMNTS

FEBRUARY 12, 2020

As for the scams themselves, those varied widely both in terms of tactics and targets. 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

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

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. billion in 2019.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

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. The ransomware came through an invoice delivered through BEC.

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

FEBRUARY 24, 2020

41 percent more ransomware attacks were initiated last year , the New York Times reported, citing data from Emsisoft, with 205,280 businesses losing access to their data as a result. 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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Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).

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Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

SEPTEMBER 8, 2020

949 gigabytes of confidential data have been accessed by ransomware attackers targeting IT distributor Ma Labs , reports in CRN said, an attack that has stalled the company's operations and left its customers in limbo. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1 million per targeted attack.

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Business Email Compromise Ransomware Payee Overlay Service 69

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.

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Ransomware Online and Mobile Banking Scams Small Business 77

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

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Ransomware Phishing Email Compromise Online and Mobile Banking 44

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 Cybersecurity FBI 89

PYMNTS

JUNE 21, 2019

In Florida, The New York Times reported on Thursday (June 20), government officials of Riviera Beach voted to pay nearly $600,000 worth of ransom to hackers, just weeks after Baltimore paid $18 million for a similarly crippling ransomware cyberattack against government systems. ” Australia’s SMB Scam Surge.

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Governance Government Scams Ransomware 43

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

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Email Compromise Treasury Ransomware Wires 59

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

SEPTEMBER 14, 2020

B2B Software-as-a-Service company Blackbaud recently notified its customers that in February of this year it fell victim to a ransomware attack and was not aware of the issue until about three months later. Again, AI — and the information gathered from previous breaches — can be powerful protection tools.

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Breach Multifactor Authentication Ransomware Email Compromise 52

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.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

MAY 2, 2019

Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. million business email compromise scam. Organizations’ cybersecurity investments may be giving firms a false sense of security.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

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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Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

JANUARY 30, 2017

Many, researchers noted, were the result of CEO phishing attacks, a strategy known as the business email scam, which convinces a business employee to make a payment to a seemingly legitimate bank account.

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Data Security Governance Government Data Breach 54

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.

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Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

MAY 5, 2017

Google And Facebook Scammed Out Of $100 Million. It recently came to light that Facebook and Google found themselves out $100 million at the hands of one ambitious cybercrook—a Lithuanian man who a scammed the internet giants with a business email compromise (BEC) attack. Ransomware, Cyberespionage On The Rise.

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Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

JUNE 20, 2018

Business scams are nothing new. The actions come as the BBB debuted a report with results from a survey conducted among 1,200 SMBs across the nation, showing that scams are a growing risk for businesses. As many as 35 percent of firms were hit by ransomware attacks, and when ransoms were demanded, 12 percent opted to pay up.

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Scams Phishing Federal Trade Commission Wires 45