PYMNTS

JANUARY 16, 2020

For instance, fraudsters can infiltrate the email systems of a firm’s legitimate suppliers to send emails from those vendor domains with a request for payment. Electronic payment technologies, too, are increasingly focused on security and fraud mitigation efforts. The BEC scam can manifest in many forms.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

NOVEMBER 6, 2017

According to the publication, scammers using the BEC, in which a fake invoice is sent to a company with request for payment, have stolen “large sums of money” from art galleries in the U.K. Attackers are doing the same when galleries make payments to artists, reports added.

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Nanonets

SEPTEMBER 1, 2023

The US Federal Reserve's new payment rail FedNow can shake up the landscape, offering significant time and cost savings. In this blog post, we delve into how FedNow could impact businesses and their vendor payment practices. However, these modern payment options require trade-offs between speed and costs.

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PYMNTS

NOVEMBER 18, 2019

Unlike the BEC, the VEC scam involves a cybercriminal infiltrating a vendor’s email account to send a request for payment (whereas the BEC scam often involves fake, although similar, email addresses and messages). Hassold provided a public comment on the vendor email compromise scam.

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

FEBRUARY 11, 2019

“Maybe if you had woken up one day to design faster payments from scratch with no legacies, you would be able to design one perfect system, … but that is not where we are. Now, we have checks, we have wires, we have ACH. I would say the same thing about a lot of the faster [payment] rails.”.

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EBizCharge

MAY 15, 2024

This invoice serves as a request for payment. Payment Terms: Before the transaction occurs, both parties agree on payment terms, including the payment due date, acceptable payment methods, and any discounts or penalties for early or late payment.

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Payment Savvy

MAY 15, 2023

There’s also this thing called “request for payment capability” that lets customers ask for a specific amount of money from someone else, making transactions a lot more efficient. FedNow will also offer tools to help participants deal with any payment inquiries they might have.

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Seon

JULY 27, 2023

The Federal Reserve has always allowed financial institutions to send and receive funds – including bill and vendor payments, deposits, and wire transfers – to one another on behalf of their customers. an employer paying an employee their wages) uses an app provided by their credit union to request the desired payment.

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