PYMNTS

SEPTEMBER 30, 2019

companies via the Business Email Compromise scam, reports in The East African said last week. When Fairfax County discovered it was being defrauded, the FBI launched Operation reWired to capture the online fraudsters. The FBI revealed earlier this month that the operation led to arrests and the seizure of millions of dollars.

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Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

NOVEMBER 21, 2019

And through the latest scam, as detailed by the country’s Economic and Financial Crimes Commission, he was able to use the fictitious name “Akinwunmi Sorinmade” in order to open two bank accounts. As quoted in September in the wake of those busts, FBI Special Agent Michael Nail referred to it all as “modern-day bank robbery.

Scams 87

Scams Checks Romance Scams Email Compromise 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. 3 individuals were arrested in India for an invoice fraud scam , according to CNBCTV reports this week.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

FEBRUARY 23, 2020

Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. billion was lost in 2019 from similar scams, according to the Federal Bureau of Investigation (FBI), up from roughly $1.3

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Scams Wire Transfer FBI Wire 70

PYMNTS

FEBRUARY 12, 2020

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

APRIL 15, 2020

The Federal Bureau of Investigations is expecting a spike in scams and fraud cases trying to capitalize on the coronavirus pandemic in relation to cryptocurrency, it said this week. Some scams may promise treatments or cures for the virus, which are fraudulent because no known cure exists yet.

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FBI Scams Cryptocurrency Bitcoin 56

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

NOVEMBER 28, 2018

Google, the FBI and White Ops, along with a handful of cybersecurity companies, recently collaborated to shut down a digital ad fraud scam that used 1.7 million computers to generate fake clicks.

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FBI Scams Cybersecurity Bots 51

PYMNTS

OCTOBER 15, 2020

The FBI is warning homebuyers to be on the lookout for internet criminals who are sneaking into online conversations between buyers and mortgage companies or other participants in the sale process and providing false instructions that dupe purchasers into wiring funds to the criminals’ accounts, CNBC reported Thursday (Oct.

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FBI Wire Wires Financial Crimes 64

PYMNTS

JANUARY 18, 2019

Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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. Fraud Trends.

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Scams Email Compromise Compromise Wire 65

PYMNTS

JULY 20, 2016

A new notice from the FBI continues its crackdown of the scheme and pinpoints what reports call “ground zero” for the scam. According to reports published on Tuesday (July 19), Hong Kong is the epicenter of these business email scams, with fraudsters already nabbing (or attempting to steal) $3.1

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FBI Scams Email Compromise Wire 40

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

OCTOBER 9, 2020

The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 Top Four Current Scams.

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B2B Phishing Scams Ransomware 116

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

SEPTEMBER 16, 2019

As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. Agari said the payroll diversion scams are on the rise and are gaining traction as a result of social engineering.

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FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

DECEMBER 18, 2020

The paper said that prior to the approval of vaccines by regulators in the United States and the European Union, authorities had warned that fraudsters would use the opportunity to launch scams or sell stolen doses. In the United States, the FBI posted guidelines on its website for avoiding COVID-19 crime.

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Law Enforcement FBI Scams Crime 109

PYMNTS

DECEMBER 8, 2020

With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

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FBI Business Email Compromise Scams Mitigation 71

PYMNTS

JUNE 15, 2016

The FBI is warning about the increasing risk of wire transfer fraud. As part of its newly launched public awareness campaign on wire transfer fraud, the FBI provided tips to help companies detect and fight the threats. 79 | The number of countries identified by the FBI as being involved in requests for fraudulent transferred funds.

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FBI Wire Wires Wire Transfer 40

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.

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Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

JANUARY 4, 2017

Increasingly, it is designed to scam consumers. The call center worker said that, if the person seems scared or fell for the scam, they would tell them to purchase thousands of dollars in iTunes cards to prevent being thrown in jail. NYT noted this scam is being tracked by the U.S.

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Scams Federal Trade Commission FBI Legal 49

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. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.

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B2B Wire Transfer Cybersecurity FBI 89

Fintech Finance

APRIL 24, 2024

Verizon , NatWest and Global Anti-Scam Alliance collaborate with Mastercard to tackle fraudsters and fight against scams. According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023 alone. Mastercard is also partnering with organizations across the ecosystem to fight scams.

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Scams Visa AI Consumer 52

Center for Payments

NOVEMBER 21, 2023

The FBI works to raise awareness of the types of scams that are common around the holidays and how you can protect yourself and your customers or members. Charity Scams Scammers are aware of the “giving season” and will often create fake crowdfunding campaigns and charities to exploit people’s goodwill.

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Holiday Scams Scams FBI Federal Trade Commission 40

PYMNTS

FEBRUARY 14, 2020

An online scam targeted $4 million in retirement funds from at least four Puerto Rico agencies, according to reports on Thursday (Feb. The Federal Bureau of Investigation (FBI) froze the funds and will return them, the statement said. Authorities have frozen at least $2.9 million, said an anonymous official.

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FBI Scams Governance Government 67

PYMNTS

JULY 29, 2019

The latest report comes after an FBI Internet Crime Complaint Center announcement last year that BEC was a “$12 billion scam” and there was at that time, a 136 percent increase in identified “exposed” losses (which includes actual losses and attempted thefts). The pace seems to have quickened a bit.

Business Email Compromise 55

Business Email Compromise Scams Fincen Crime 55

PYMNTS

SEPTEMBER 30, 2018

Li’s decision was most likely due to tighter regulation on ICOs by the Chinese government, as well as a significant boost in the number of scams in the blockchain market. Immigration and Customs Enforcement (ICE), while the Federal Bureau of Investigation (FBI) is the third-highest. The second-highest spender is the U.S.

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Blockchain FBI Bitcoin IRS 77

PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. What to Do. But, as they say, prevention begins at home.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 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.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

MAY 15, 2017

Merchants that accept checks or online payments are being warned about a scam that could cost them time and money. Instead, notify the authorities immediately: the National Association of Attorney Generals, your local office of the FBI, and your bank.

FTC 41

FTC Scams Federal Trade Commission Federal Reserve 41

PYMNTS

MARCH 23, 2020

Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise. Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets.

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Email Compromise Payroll FBI Compromise 71

FICO

NOVEMBER 24, 2020

COVID-related scams are rampant and rapidly evolving. At the other end of the spectrum, scams, or as the industry calls it 'authorized push payment fraud' can have traumatic, long-term effects. Do your research, read the reviews, and check Google carefully to see if the app is a scam. Tip #3: Use Trusted Payment Methods.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

MAY 20, 2020

The digital age, of course, has given rise to digital scams. And as noted in this space last week, the FBI warned that crypto-related scams are gaining traction. The FBI also noted that “many traditional financial crimes and money laundering schemes are now orchestrated via cryptocurrencies.”.

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Bitcoin Scams FBI Cryptocurrency 55

Fintech News

APRIL 1, 2024

In 2023, losses from crypto investment scams in the US totaled US$3.94 billion in 2022, a new report by the Federal Bureau of Investigation (FBI) shows. These scams were designed to entice those targeted with the promise of lucrative returns on their investments, and made up much of investment fraud losses in 2023 (86%).

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Ransomware Payments Bitcoin Scams 117

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Deploy AI and Machine Learning – the Scams Model. FICO Admin. Tue, 07/02/2019 - 02:45. expand_less Back To Top.

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Scams Posting Push-to-Card Compromise 52

PYMNTS

AUGUST 26, 2019

22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Late this past week, on Thursday (Aug. Individual Case.

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Business Email Compromise Romance Scams Scams Identity Theft 58