PYMNTS

APRIL 14, 2017

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

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. According to reports, funds wired are rarely recovered. billion from unsuspecting companies.

FBI 40

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

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

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. The scheme apparently unfolded the way many BEC scams do — with a fraudster posing as a legitimate vendor, and where payments had been wired into scammers’ bank accounts. As reported this past week by Fox 5 in Washington, D.C.,

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

MAY 3, 2017

She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes. Business Email Compromise is just one pain point,” she noted.

Faster Payments 45

Faster Payments B2B Email Compromise Same Day ACH 45

PYMNTS

MAY 12, 2017

in 2016, losing a combined $16 billion — just over $1,400 per victim, on average. Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016. FBI Sees Wire Fraud Via Email Grow In 2016. A significant number of these attempts came in the last seven months of 2016.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire.

Accounts 44

Accounts Wire Transfer Wire Wires 44

PYMNTS

MAY 2, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for a $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

JUNE 14, 2018

million, in 2016 alone. with more than 16,800 victims recorded in 2016. Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. According to the IRS, there were 4,000 recorded instances of business identity theft cases in 2016. That figure rose to 10,000 last year.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

JANUARY 16, 2020

The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. 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

APRIL 14, 2017

Perhaps worse than a company’s inability to identify these scams, though, is that often businesses aren’t even aware they should be looking out for them, “I made a presentation last year to a group of about 130 people and asked if they knew what a business email compromise scam was,” Carlsson recalled. Only about 10 hands came up.”. “I

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. “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

MAY 7, 2018

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. billion in losses linked to fraud in 2016 and a 16 percent increase from 2014 levels. False Sense of Protection.

Same Day ACH 47

Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

MAY 5, 2017

Another testament to the security risks inherent in interconnectivity, security gaps on the fringes of the SWIFT cross-border payment network were found to have been leveraged by cybercriminals in a series of attempted and successful digital bank heists in 2016. Ransomware, Cyberespionage On The Rise.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. 2016, according to the FBI. 2013 and Feb. The cost of such attacks?

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40