Remove FBI Remove Scams Remove Wire Transfer
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Email Scam Victim Sues Bank Claiming Lack Of Fraud Protection

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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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FBI, BBB Sound Another Business Email Compromise Alarm

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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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AscendantFX Makes The Case For Wire Transfer

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Rarely does the wire transfer come into play as an exciting, innovative payment rail ready to disrupt cross-border B2B payments. The wire transfer, made popular by Western Union more than 150 years ago, may not seem to be the most innovative rail. Thieves attempted to steal $5.3 counterparts are not available.

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Study Sees BEC Scams Gaining Ground

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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.

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Email B2B Scams Cost $26B Over Last Three Years

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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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The B2B Payments Fraud Threat Of Internal Employees

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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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Business Email Scams Spin Even Wider Webs

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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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