Account Takeovers, Accounts and Email Compromise

How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

JUNE 9, 2025

Business email compromise attacks cost organizations $2.4 Attackers compromise vendor email accounts, then send updated banking instructions just before scheduled payments. By the time anyone notices, funds have moved through multiple accounts and jurisdictions.

Email Compromise

Email Compromise Business Email Compromise Compromise Law Enforcement

What Are the Risks of Business Email Compromise & How Can You Prevent Them?

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Let’s look at what business email compromise attacks are and explore some of the many ways you can combat them. What Is a Business Email Compromise Attack? Reported losses in 2020 exceeded $4.2

Email Compromise

Email Compromise Compromise Business Email Compromise Risk

Protecting Accounts Payable From Smarter, Faster Fraudsters

PYMNTS

JUNE 12, 2019

In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace.

Accounts

Accounts Email Compromise Same Day ACH Compromise

US Judge Sentences Man For $25M Supplier Invoice Scam

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. Prosecutors also accused him of setting up bank accounts in China and Hong Kong to receive the fraudulent funds. The business email compromise is an increasingly common fraud method targeting businesses.

Scams

Scams Email Compromise Compromise Wire Transfer

AP Automation Combats COVID Scams

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. More Vulnerable in AP.

Scams

Scams Automation Phishing Email Compromise

Treasurers Overconfident On Cyber Defenses

PYMNTS

APRIL 30, 2018

Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC). They have specific accountability for tracking and monitoring types of fraud. We expect that.

Email Compromise

Email Compromise Ransomware Treasury Wires

BEC Fraudsters Eye HR Departments As Prey

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. Vade Secure has noted that such activities now include initial approaches to HR executives, where the goal is to get them to redirect funds to the fraudsters’ own accounts. The BEC attempts are also relatively cheap campaigns to wage on firms.

Business Email Compromise

Business Email Compromise AFP ACH Email Compromise

How Fake News Drives Corporates To Redirect Their Security Strategies

PYMNTS

MARCH 28, 2018

According to LexisNexis , chargeback fraud accounts for 28 percent of all fraud that occurs at an eCommerce company, tied for first place with “ friendly fraud.” ” The impact of chargeback fraud and other transaction-related fraud — like account takeovers or payments fraud — on the bottom line is clear.

Security

Security Data Breach Account Takeovers Breach

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

PYMNTS

NOVEMBER 6, 2017

billion each year and that account takeovers have seen a sharp spike of 45 percent in Q2 2017. Nelson said the organization was alerted by the FBI in 2009 regarding a rise in corporate account takeovers. percent from Q2 2016 to Q2 2017. At the time, they were seeing about 80 cases a week,” Nelson said. “It

FS-ISAC

FS-ISAC Cybersecurity Account Takeovers NACHA

Fraud: What Pandemic Panic Buying And Black Friday Have In Common

PYMNTS

MARCH 27, 2020

Consumers may have, in a panic, grabbed an old checkbook, tried to pay with an account that is closed or may have entered the wrong data as a result of “fat fingers.” If the payment is being tied to that account, does that payment make sense — does it ‘tie’ to the person?”. New Attack Vectors.

Account Takeovers

Account Takeovers Due Diligence Accounts Email Compromise

Google Says Employee Security Key Program A Success Against Phishing

PYMNTS

JULY 24, 2018

Reports in Krebs on Security on Monday (July 23) said a spokesperson for Google described its Security Keys initiative as the standard for employees to gain access to devices and accounts. “We have had no reported or confirmed account takeovers since implementing Security Keys at Google,” the spokesperson told the publication.

Phishing

Phishing Security Scams Email Compromise

Faster Payments, Open Banking Should Keep Treasurers On High Alert

PYMNTS

JANUARY 9, 2019

Account takeover attacks, social engineering tactics and payments fraud all threaten businesses as attackers go after the high-value transactions typical of corporate finance, BioCatch explained in a blog post last week. The treasury department is an increasingly attractive target to cyber fraudsters. The tactic is relatively simple.

Faster Payments

Faster Payments Business Email Compromise Treasury Real Time Payments

Barclays Pegs Cost Of SMB Cybercrime At $55.7 Billion

PYMNTS

APRIL 26, 2018

According to Barclays , much of this loss is linked to crimes like account takeovers and business email compromise scams, in which fraudsters target SMBs’ B2B transactions to steal funds. If an email or call sounds fake, check it.”. On average, the cost of fraud on a small business hit $48,700.

Cybersecurity

Cybersecurity Email Compromise Small Business Account Takeovers

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

PYMNTS

MAY 7, 2018

In a survey of financial institutions facilitating Same-Day ACH for their customers – which collectively account for about 66 percent of ACH origination volumes – NACHA found that exactly zero percent reported an increase in fraud. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however.

Same Day ACH

Same Day ACH Fraud Detection ACH NACHA

When Cyberattacks Hit, Corporates’ Tech Investments Only Go So Far

PYMNTS

APRIL 9, 2018

Likewise, cybersecurity tools are limited when stopping other employee behaviors that lead to data breaches, like sending credentials or money to bad actors and fraudulent accounts. To err is human,” IBM said in its report. Unfortunately, the lasting effects of a simple mistake in a digital world can be catastrophic.

Data Breach

Data Breach Breach Cybersecurity Phishing