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 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.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

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.

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

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.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

The Paypers

JUNE 15, 2016

(The Paypers) FBI has warned that hackers sought to steal more than USD 3 billion from businesses in a scam in which criminals impersonate company executives in emails ordering large wire transfers.

FBI 28

FBI Wire Transfer Wires Wire 28

PYMNTS

NOVEMBER 13, 2020

Many firms still process cross-border transactions through wire transfers. A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

Cross-Border 64

Cross-Border Wire Transfer B2B Wires 64

PYMNTS

MAY 12, 2020

customers, and reportedly will process wire transfers, deposits and withdrawals from the Automated Clearing House Network. Last month, the FBI warned that crypto-related scams are on the rise. Drilling down a bit, cryptocurrency scams ranked above online purchase fraud and fake checks/money orders.

Bitcoin 60

Bitcoin FBI Cryptocurrency Scams 60

PYMNTS

JANUARY 16, 2020

The business email compromise (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. It is so easy for attackers to pull off these kinds of scams,” he said.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

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. What happens if your users receive an email from a cybercriminal pretending to be your CEO requesting an urgent wire transfer?

Phishing 67

Phishing Wire Transfer Email Compromise Business Email Compromise 67

FICO

SEPTEMBER 10, 2020

The money mule moves stolen funds to a participant in the scam via an instant funds transfer or wire transfer, and the money is often unrecoverable and untraceable. . During the FICO Virtual Event this past May, we predicated that money muling would be one of the top scams being perpetrated during the pandemic.

Crime 52

Crime Money Laundering Online and Mobile Banking Romance Scams 52

Clearly Payments

MARCH 4, 2024

With harvested data, perpetrators conducted unauthorized transactions, including wire transfers and credit card purchases, exploiting compromised accounts for financial gain. Elevated awareness of phishing scams and cybersecurity threats. Millions of dollars were pilfered through unauthorized transactions.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

APRIL 11, 2016

Fraudsters Bank Billions Via Corporate Email Scams. Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 billion since 2013.

ATM 40

ATM Wire Transfer Scams CFPB 40

PYMNTS

JANUARY 9, 2019

The Federal Bureau of Investigation (FBI) has now pegged total losses to BEC scams at $12 billion across 150 countries, marking a 136 percent rise in BEC cases between December 2016 and May 2018. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses.

Email Compromise 60

Email Compromise FBI Compromise Scams 60

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. and elsewhere, the FBI found, leading to requests for $3.1 billion in losses hit U.K.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41