Account Takeovers and Email Compromise

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

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. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

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.

Scams

Scams Automation Phishing Email Compromise

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Breaking The Commerce Bottleneck: Your SAP Exit Plan Starts Now

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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). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”

Email Compromise

Email Compromise Treasury Ransomware Wires

Protecting Accounts Payable From Smarter, Faster Fraudsters

PYMNTS

JUNE 12, 2019

But the bad guys, armed with that very wealth of knowledge, schooled in what works in victimizing companies across sophisticated avenues such as business email compromise scams, are conducting asymmetrical warfare. There is also a wealth of public and private data that can be amassed in order to launch an offensive against a company.

Accounts

Accounts Email Compromise Same Day ACH 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

BEC Fraudsters Eye HR Departments As Prey

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. That comes, for example, as fraudsters gain access to a firm’s internal operations and use the ACH methods for account takeovers.

Business Email Compromise

Business Email Compromise AFP ACH Email Compromise

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

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

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. On average, the cost of fraud on a small business hit $48,700.

Cybersecurity

Cybersecurity Email Compromise Small Business Account Takeovers

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.

Faster Payments

Faster Payments Business Email Compromise Treasury Real Time Payments

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

PYMNTS

MARCH 27, 2020

Doing so, he said, can help a firm ascertain whether first-party fraud is in play — and the transaction should ultimately go through — or whether fraudsters are attempting account takeovers or establishing new accounts with synthetic IDs.

Account Takeovers

Account Takeovers Due Diligence Accounts Email Compromise

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

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. 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

This could mean an employee storing sensitive company data on a personal device, or workers falling for phishing emails that lead to a data breach, business email compromise, malware or account takeovers. “To To err is human,” IBM said in its report.

Data Breach

Data Breach Breach Cybersecurity Phishing