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FBI: BEC Scams Stole $1.2B In 2018

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Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. As reported in Threatpost , losses from such schemes nearly doubled from $675 million in 2017 to as much as $1.2 billion in 2018. million cyber scam that is now being investigated by the FBI.

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Checks, Spreadsheets Expose Firms To Growing Fraud Risk

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1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. ” Coronavirus-related scams are on the rise, too, researchers found. The company found that 58 percent of U.K. ” $1.4

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FBI, BBB Sound Another Business Email Compromise Alarm

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The FBI has been vocal in recent years about the growing threat and subsequent damages linked to the Business Email Compromise (BEC) scam, which targets accounts payable departments in an attempt to steal company cash. The operation also reportedly led to the recovery of about $118 million in fraudulent wire transfers linked to BEC scams.

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Surprise: The C-Suite Falls For Invoice Scams The Most

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Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. A fifth of survey respondents who had been hit by some type of cyberattack said it was the result of a BEC, making this cybercrime the number one tactic fraudsters use. Additional Attacks Putting the Enterprise at Risk.

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From The Phone To Email: How Scammers Hit SMBs

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It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. Researchers advised small business owners to not download any email attachments from an unnamed address. “This is a scam, pure and simple. .”

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Study: Financial Pressure Makes CFOs Prone To Fraud

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The study was done by researchers from North Carolina State University, the University of Missouri-Kansas City and the University of Chieti-Pescara in Italy. ” However, the research showed that CFOs aren’t always the ones behind fraud, and are sometimes pressured to take part.

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Facebook Tracker: Anticipation

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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. The news that the two tech giants were the victims of such an attack comes as instances of BEC fraud have been on the rise across the globe.