PYMNTS

FEBRUARY 6, 2020

Christopher Wray, the director of the FBI, said China wanted to steal U.S. As I stand here talking with you today, the FBI has about 1,000 investigations involving China’s attempted theft of U.S. Zhu Hua and Zhang Shilong were both accused of conspiracy to commit computer intrusions, wire fraud and aggravated identity theft.

FBI 60

FBI Identity Theft Wires Wire 60

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. Unbeknownst to him while he was working in China, the cyberthief convinced his assistant to wire money on two occasions to Hong Kong. .

Scams 70

Scams Wire Transfer FBI Wires 70

PYMNTS

OCTOBER 10, 2018

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 Thieves attempted to steal $5.3

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Wire Transfer Wires Wire Cross-Border 46

PYMNTS

SEPTEMBER 16, 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 in January.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

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 Wires 40

PYMNTS

JANUARY 13, 2020

About $1 million was swindled from the Colorado town of Eerie , with the FBI now investigating the matter. That requested change was not entirely verified by town personnel, reports said, and the wire transfer information was later confirmed to not be related to the real supplier. According to local Kentucky Today reports, $1.5

B2B 89

B2B Wire Transfer Cybersecurity FBI 89

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.

Scams 65

Scams Email Compromise Compromise Wires 65

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.

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FBI Credit Union Credential Cybersecurity 50

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

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 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

SEPTEMBER 24, 2018

billion in 300,000-plus reported cyberattacks last year, according to the Federal Bureau of Investigation (FBI). CEO fraud, which targets companies with foreign suppliers or using wire payments, also often relies on bad actors’ ability to fool innocent victims. All told, U.S. businesses and consumers lost more than $1.4

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

PYMNTS

FEBRUARY 9, 2020

5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Mann reportedly told the FBI that he owned several firms that he started for fraudulent purposes only. .

Payroll 61

Payroll FBI Wires Wire 61

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

APRIL 13, 2016

According to Wired U.K. , Just last month, the FBI issued a serious warning that the ransomware problem is likely to get much work before it gets better. Chris Stangl, a section chief at the FBI’s Cyber Division, called ransomware “a prevalent, increasing threat” in an interview with The Wall Street Journal. million total.

Ransomware 43

Ransomware Data Breach FBI Breach 43

PYMNTS

DECEMBER 5, 2019

The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. And here’s perhaps a new wrinkle in the hacker model, with Wired reporting: “Evil Corp was apparently also in the franchise business.

Treasury 52

Treasury Wires Wire Credential 52

PYMNTS

DECEMBER 5, 2019

The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. And here’s perhaps a new wrinkle in the hacker model, with Wired reporting: “Evil Corp was apparently also in the franchise business.

Treasury 52

Treasury Wires Wire Credential 52

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 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

AUGUST 26, 2019

Officials said that, as had been estimated by the FBI’s Internet Crime Complaint Center, more than 14,000 complaints tied to BEC have been reported, with $1.1 million that had been wired by district employees to BEC scam. billion stolen by victims. Individual Case.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

PYMNTS

MAY 12, 2017

FBI Sees Wire Fraud Via Email Grow In 2016. From October 2013 through December 2016, a new report from the FBI suggests cybercriminals used business email compromise (BEC) scams to try and steal some $5.3 told Reuters that the FBI report covered just 20 percent of the total and that the losses could be double.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

JUNE 7, 2019

Ironically, they are also the two things that shaped the modern payments landscape as we know it today, as it grew up and got wired over the last 60 years – and why that playbook is being disrupted by players decades their junior with market caps that rival or even dwarf their own. Trackers and Reports.

Visa 68

Visa FBI Cross-Border Fraud Prevention 68

PYMNTS

DECEMBER 16, 2019

the FBI recently issued a warning for holiday shoppers of a new scam called eSkimming , in which cyber criminals hack into legitimate online retailer websites to steal shoppers’ credit and debit card details. . Reports in WSOCTV said a payroll director at the Salvation Army district headquarters has pleaded guilty to one count of wire fraud.

Ransomware 59

Ransomware Cross-Border Cross-Border Payments Payroll 59

PYMNTS

SEPTEMBER 17, 2018

Park faces one count of conspiracy to commit computer fraud and abuse — which carries a maximum sentence of five years in prison — and one count of conspiracy to commit wire fraud, which has a maximum sentence of 20 years in prison. Park and those organizations allegedly were behind the malware used in the 2017 WannaCry 2.0 Bitcoin Role.

SWIFT 63

SWIFT Bitcoin Database Payments 63

PYMNTS

SEPTEMBER 17, 2018

Per Nathan Shields, special agent with the FBI , the details of the conspiracy and the hack(s) come from multiple sources, spanning activities such as analyzing compromised victim systems and executing approximately 100 search warrants across 1,000 email and social media accounts. Park is being charged by the U.S.

SWIFT 75

SWIFT Phishing Ransomware Central Bank 75

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

JUNE 10, 2019

The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. The FBI reported that BEC scam losses roughly doubled in 2018, as measured year over year, to $1.2 companies and government agencies.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

MARCH 23, 2016

Earlier this month, Wired reported on a study released by vehicle security researchers in Germany who were able to use a radio attack to hack into the wireless key fobs of vehicles. The news comes at a time when the FBI, along with the Department of Transportation and the U.S.

Cybersecurity 40

Cybersecurity Security FBI Wires 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. The tactic is relatively simple.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

JANUARY 29, 2019

government charged Huawei Technologies , two affiliated companies and chief financial officer Meng Wanzhou with bank and wire fraud, as well as conspiracy in connection with business in Iran. In a 13-count indictment filed in Brooklyn, New York, the U.S.

Request for Comment 52

Request for Comment Wires Wire Governance 52

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. In April, the U.S.

Crime 52

Crime Money Laundering Online and Mobile Banking Romance Scams 52

PYMNTS

SEPTEMBER 3, 2019

One of Methbot’s ringleaders was extradited from Bulgaria to the United States in January and indicted with 13 counts of wire fraud, money laundering and computer intrusion, but authorities are still coming to grips with the scale of the operation.

Bots 49

Bots Money Laundering FBI Push-to-Card 49

PYMNTS

JUNE 20, 2016

and elsewhere, the FBI found, leading to requests for $3.1 Most, the bureau noted, involved requests for wire transfers into bank accounts in Hong Kong and China, though 79 nations were identified within these requests, reports said. The business email compromise has created more than 22,000 cases in the U.S. billion in losses hit U.K.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

SEPTEMBER 9, 2016

2016, according to the FBI. billion, the FBI reported. That’s agnostic to whether it gets realized as a wire or ACH transaction,” Rojas said. A total of 17,642 reports of BEC were reported to authorities between Oct. 2013 and Feb. The cost of such attacks? A whopping $2.3

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

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 FBI ultimately apprehended Levin in 1995 in the UK, and he was subsequently extradited to the United States to face trial.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59