FICO

MARCH 29, 2020

Bear in mind fraudsters may be going door to door for scams such as disinfecting homes to gain access to a home. Be aware of pandemic-related scams such as buying face masks, or fake funding sites purporting to be collecting money for people that have lost their jobs. When in doubt, Google the seller’s name + the word “scam”.

Scams 92

Scams Tax Refunds Phishing Wire Transfer 92

PYMNTS

DECEMBER 17, 2020

The “stimulus” scams are already out there, reports NBC News. This scam is a new twist on those we’ve been seeing much of this year.”. Stimulus scams have been running all year , as have COVID-connected attempts to heist consumers’ funds. PIRG Education Fund, told CNBC. “We We all need to be on our guard.

Scams 84

Scams IRS Federal Trade Commission FTC 84

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. BEC scams have been surging in 2020, with a 200 percent increase in reports between April and May this year, PYMNTS reported.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

FEBRUARY 1, 2021

The scam involves sending a phishing email claiming to be a Microsoft Office 365 update. At least 44 percent of the 2020 data breaches examined in the report involved phishing or BEC scams, while 694 businesses reported having been impacted by cyberattacks on their supply chains last year.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

PYMNTS

SEPTEMBER 11, 2019

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.”. Department of Justice has announced a recent crackdown against people behind this email scam. Federal Bureau of Investigation.

Scams 65

Scams Email Compromise Compromise Wire 65

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

EBizCharge

APRIL 25, 2024

Wire transfers and electronic funds transfers have been staples of financial transactions for decades, but various electronic transfer methods have emerged with the innovation in banking technology. What is a wire transfer? Wire transfers are particularly useful for urgent or high-value transactions. How do wire transfers work?

Wire Transfer 52

Wire Transfer Wire Wires Electronic Funds Transfer (EFT) 52

PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

PYMNTS

JUNE 12, 2018

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. million and the caused the disruption and recovery of about $14 million in fake wire transfers. Postal Inspection Service. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Law Enforcement 60

VISTA InfoSec

FEBRUARY 25, 2024

Payment Information This encompasses full credit/debit card numbers, card verification codes, expiration dates, billing addresses, bank/routing account details, wire transfer logs, and other payment information. Accidental data leaks by insiders mishandling information also trigger breaches frequently.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

PYMNTS

JULY 25, 2018

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.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

Stax

APRIL 10, 2025

An ACH transfer is an electronic movement of funds from one bank account to another via the ACH (automated clearing house) network, while a wire transfer uses a secure network like SWIFT (Society for Worldwide Interbank Financial Telecommunication) or Fedwire (Federal Reserve Wire Network) to initiate the movement of funds.

Small Business 88

Small Business Wire Transfer BNPL ACH 88

PYMNTS

MARCH 2, 2020

Barbara Corcoran, a judge on the popular TV show “ Shark Tank ,” said she is “thrilled” about getting back almost $400,000 that she lost during a phishing email scam, according to reports. Corcoran said a scammer with an email address that was very similar to her assistant’s tricked her bookkeeper to wire $388,700 for a supposed renovation.

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Phishing Scams Wire Wires 60

PYMNTS

OCTOBER 19, 2020

Peer-to-peer (P2P) payment apps have gained ubiquity over the past decade, supplanting or replacing cash transactions, personal checks or wire transfers for payments between individuals or sometimes even small businesses. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Leveraging AI To Fight Cybercrime.

Zelle 68

Zelle Scams AI CashApp 68

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

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Wire Transfer Wire Wires Cross-Border 46

PYMNTS

OCTOBER 15, 2020

The FBI is warning homebuyers to be on the lookout for internet criminals who are sneaking into online conversations between buyers and mortgage companies or other participants in the sale process and providing false instructions that dupe purchasers into wiring funds to the criminals’ accounts, CNBC reported Thursday (Oct.

FBI 64

FBI Wire Wires Financial Crimes 64

FICO

JUNE 28, 2021

Here’s what it might look like: An elderly gentleman almost pleading with the branch manager on the other side of a Plexiglas divide, asking her to send a wire for $12,000. Wire it right now!” Then, “I can’t help you wire the money, sir,” the branch manager calmly responds. This is a scam. Please, I need it!

Scams 52

Scams Wire Wires Best Practices 52

PYMNTS

FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams. Reports in People this week said Corcoran lost nearly $400,000 to an invoice scam and confirmed that she will not be able to recover the funds. “I

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Scams Email Compromise Compromise Correspondent 56

PYMNTS

MARCH 2, 2018

Imposter scams, which involve someone impersonating a family member or someone in authority, were the third most common consumer complaint. And consumers said they lost significantly more money to imposter scams – a total of $328 million – than to any other scam.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. While the corporate victims of the scam weren’t named at the time, Fortune Magazine recently reported that they were none other than Facebook and Google. At the end of March , the U.S.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K., according to recent reports from The Guardian.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

JUNE 20, 2018

Business scams are nothing new. The actions come as the BBB debuted a report with results from a survey conducted among 1,200 SMBs across the nation, showing that scams are a growing risk for businesses. Want more proof of email as a favorite scamming tool? The investigation uncovered $14 million in wire fraud and recovered $2.4

Scams 45

Scams Phishing Federal Trade Commission Wire 45

PYMNTS

JUNE 15, 2016

The FBI is warning about the increasing risk of wire transfer fraud. As part of its newly launched public awareness campaign on wire transfer fraud, the FBI provided tips to help companies detect and fight the threats. Billion | The amount hackers have attempted to steal from businesses using wire fraud between October 2013-May 2016.

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FBI Wire Wires Wire Transfer 40

PYMNTS

AUGUST 12, 2019

more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 million daily from companies individual victims.

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

APRIL 15, 2019

HR departments need be on the alert for a new type of phishing scam that asks for reroutes on direct deposit accounts, CNBC reported. The scam has already been effective against KVC Health Systems, which reports the fraudulent emails look legitimate and appear to come directly from the firm’s CEO. Phishing for Paychecks.

Money Laundering 51

Money Laundering Wire Wires Identity Theft 51

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

JUNE 24, 2020

Shah has been charged with three counts of wire fraud, one count of making false statements to a bank and four counts of money laundering. According to a recent PYMNTS report , 22 percent of Americans reported being targeted by some form of a fraud attempt related to the virus, and the scams have taken around 1.2

Scams 79

Scams Money Laundering Wire Wires 79

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.

FBI 40

FBI Scams Email Compromise Wire 40

PYMNTS

DECEMBER 3, 2019

These bad actors often take advantage of the chaos to steal credit cards, scam merchants and wreak other types of retail havoc. Reshipping scams are one such nefarious activity that consumers must be wary of during the season. Helping Consumers, Merchants Avoid Reshipping Scams.

Scams 53

Scams Federal Trade Commission Credit Cards Addressing 53

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 FBI Cybersecurity 89

PYMNTS

JANUARY 25, 2019

Fake Grandchild Scam. Among the most common methods of fraud is the fake grandchild scam. PYMNTS readers no doubt know how the scam works, but Experian provided a helpful explanation. Victims can end up wiring money to the scammers as a result.”. Other Scams. Bank Defense.

Scams 74

Scams Federal Trade Commission Treasury Fraud Prevention 74

PYMNTS

JANUARY 19, 2021

Yates was charged with two counts of wire fraud. There has also been an abundance of fraud connected to the coronavirus, including other such scams where people would make up fake businesses to access relief money. He also allegedly submitted fake tax documents with both applications.

Small Business 105

Small Business Wire Wires Scams 105

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. with Hauser & Wirth, Simon Lee and Tony Karman as just a few of the scam’s recent targets. Attackers are doing the same when galleries make payments to artists, reports added.

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Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

AUGUST 3, 2016

The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. One Business Email Compromise scam in particular resulted in $15.4 million stolen, according to reports. were all targeted by the gang of cybercriminals. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

SEPTEMBER 14, 2017

The problem persists, and evidence suggests it’s getting worse, with recent research from TD Bank revealing news that 91 percent of survey respondents expect B2B payments fraud and invoice scams like business email compromises to increase in the coming years. Yes, that includes the CEOs themselves, says the latest analysis from Trend Micro.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

FICO

FEBRUARY 19, 2020

These schemes compete with each other and want to take business from wire transfer schemes such as FedWire and CHIPS. Users of wire transfer schemes can find them difficult to set up and expensive to use, but higher transaction values are important to them. In both cases the bank account details on the invoice belong to the fraudster.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92