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

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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FBI Scams Email Compromise Wire 40

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 Wire 64

PYMNTS

SEPTEMBER 11, 2019

“Business email compromise involves a criminal impersonating a senior executive or trusted business partner, reaching out to a member of their staff, and convincing that person to wire money to an account to pay a debt or fulfill a purchase order.”. This is not the first time the FBI has sounded a warning about business email compromise.

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Scams Email Compromise Compromise Wire 65

PYMNTS

JULY 25, 2018

The Federal Bureau of Investigation (FBI) recently issued a public service announcement warning that the BEC scam has now redirected $12 billion worldwide , much of that now having to be written off as a loss for corporates unable to recover the funds.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

DECEMBER 8, 2020

The FBI warned in an announcement this month that cybercriminals are "gearing up for a busy season" as the mix of rising holiday shopping volumes and COVID-19 concerns create a perfect storm of fraud risks. For corporates themselves, the FBI warned that businesses, like consumers, can be targeted in gift card scams.

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 Wire Wires 28

PYMNTS

JANUARY 18, 2019

“Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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. The FBI also noted that “many traditional financial crimes and money laundering schemes are now orchestrated via cryptocurrencies.”.

Bitcoin 60

Bitcoin FBI Cryptocurrency Scams 60

PYMNTS

JANUARY 16, 2020

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. According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

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. The tactic is relatively simple.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

APRIL 11, 2016

Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 BlueSnap CEO Ralph Dangelmaier tells Karen Webster about how their work with AutoDesk has given rise to a whole new SaaS business model to explore – and monetize. Fraudsters Bank Billions Via Corporate Email Scams.

ATM 40

ATM Wire Transfer Scams Compromise 40

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. . Criminals are targeting Arizona’s large elder population, cooped up in quarantine, to become money mules, exploiting victims’ loneliness and financial stress.

Crime 52

Crime Money Laundering Online and Mobile Banking Romance Scams 52

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 from cyberattackers since Oct.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

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. The amounts were small enough to evade immediate detection, and the transfers appeared as routine transactions among the vast volume of daily banking activities.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

APRIL 13, 2017

He is also under scrutiny as part of congressional and FBI investigations into possible contacts between Trump associates and the Russian government during the 2016 presidential campaign. I invoiced my clients, and they paid via wire transfer, which I received through a U.S.

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Wire Transfer Wire Wires Money Laundering 40