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US Judge Sentences Man For $25M Supplier Invoice Scam

PYMNTS

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

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Business Email Scammers Finding Success With UK Firms

PYMNTS

s Charity Commission issued a warning in early 2016 over mandate fraud and the threat the scam poses to charities in particular. The threat of mandate fraud is an ongoing issue for charities, with cases continuing to be reported to Action Fraud from across the sector,” the Commission said in its January 2016 alert.

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How Faster Payments Demands Faster Reactions Against B2B Payments Fraud

PYMNTS

NACHA may have assured some banks that Same Day ACH hasn’t led to an increase in payments fraud, but concerns remain widespread about how the initiative and other faster payments efforts will reduce the window of opportunity for FIs to detect and prevent an incident. Business Email Compromise is just one pain point,” she noted.

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AscendantFX Makes The Case For Wire Transfer

PYMNTS

” Some of the latest data from NACHA found use of wire payments has risen in the U.S. billion via business wire fraud between October 2013 and December 2016, the FBI calculated. Companies, meanwhile, should “never blindly accept and approve a payee request by email,” said Mugford. Thieves attempted to steal $5.3

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Faster Payments, Open Banking Should Keep Treasurers On High Alert

PYMNTS

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. NACHA found that, in the first 11 days that the service went live in 2017, only 6 percent of the 2 million transactions made were B2B transactions.

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Putting FIs Through Cybersecurity Drills To Prepare For The Next Big One

PYMNTS

In September, the consumer credit agency Equifax reported that the personal information of roughly 143 million Americans was compromised in a data breach of epic proportions. percent from Q2 2016 to Q2 2017. TO DOWNLOAD THE NOVEMBER EDITION OF THE PYMNTS FASTER PAYMENTS TRACKER™ , POWERED BY NACHA, CLICK THE BUTTON BELOW. .

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With Same-Day ACH, You’d Better Have Same-Day Fraud Detection

PYMNTS

In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. In corporate payments, while fraud is typically linked to wire and checks , the rise in Business Email Compromise (BEC) and account takeovers means ACH fraud is a growing threat, same-day or not.