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. A new notice from the FBI continues its crackdown of the scheme and pinpoints what reports call “ground zero” for the scam.

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PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. According to local Kentucky Today reports, $1.5

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PYMNTS

NOVEMBER 2, 2018

As many as 28 percent said they would proceed with requests for payment done via email and would not call suppliers to confirm the transactions. Only 5 percent would pay someone who showed up at their home offering trade services that needed to be “urgently” performed on the residence.

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PYMNTS

JANUARY 16, 2020

For instance, fraudsters can infiltrate the email systems of a firm’s legitimate suppliers to send emails from those vendor domains with a request for payment. The effects of this crime are far-reaching, and the dollar amounts involved are staggering,” said FBI Director Christopher Wray in a statement last September about the BEC scam.

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PYMNTS

MARCH 22, 2016

This case has also involved the FBI, as that $101 million was stolen from the central bank’s account with the New York Federal Reserve, which was eventually funneled into accounts in the Philippines and Sri Lanka. As a result, the Philippines’ Department of Justice has filed money laundering complaints against the individuals.

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PYMNTS

JUNE 23, 2016

But far more common are those one-off scams that hit smaller companies, with hackers obtaining company data by hacking into email accounts at suppliers and sending fraudulent invoices and requests for payment. Supplier email scams , the FBI said, are rising at massive rates. 2013, resulting in $3.1

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