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That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business EmailCompromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment.
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. Hassold provided a public comment on the vendor emailcompromise scam. Meanwhile, in the U.K.,
The Federal Bureau of Investigation has been targeting the Business EmailCompromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. billion from unsuspecting companies. According to reports, funds wired are rarely recovered.
The majority of businesses are at risk for an array of cybersecurity incidents, including the business emailcompromise (BEC) scam, which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. .
Scammers deploying the Business EmailCompromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. According to the publication, scammers using the BEC, in which a fake invoice is sent to a company with request for payment, have stolen “large sums of money” from art galleries in the U.K.
The business emailcompromise (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. However, technology plays a significant role in safeguarding firms, too, he said.
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 EmailCompromise scam. 2013, resulting in $3.1 billion worth of corporate funds at risk.
Analysts noted an estimated 19,000 push payment scams were carried out in the first six months of 2017 alone, making it the second-largest scam type in the nation, behind card fraud. Because payers willingly initiate the bank transfer themselves, liability has remained on the payer.
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