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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Banks and credit unions face a perfect storm of attractive targets, sophisticated attackers, and mounting regulatory scrutiny that makes BEC prevention a critical priority. Understanding BEC Attack Vectors in Banking Modern BEC attacks against financial institutions follow predictable patterns.

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Cyber Threats Surge in India’s Financial Sector

Fintech News

These chatbots leverage AI with natural language processing (NLP) capabilities to engage potential victims in seemingly benign conversations, subtly extracting credentials or sensitive data over time. Common vulnerabilities include poor access controls, the lack of MFA, delayed security patches, and mismanagement of privileged accounts.

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Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., 389 percent more BEC scams hit U.S. businesses between Q1 and Q2, per new Abnormal Security research revealed in its Quarterly BEC Report for Q2 2020.

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Hack Of C-Suite Email Addresses Portends Surge In BEC Fraud

PYMNTS

A hacker is reportedly selling information from hundreds of C-suite executives' Microsoft -based email accounts, according to a report from Engadget. The accounts went on the market at a limited-access forum in the Russian underground. apparel maker and the CFO of a European retail chain," according to Engadget.

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SEC Issues Corporate Fraud Warning As BEC Scams Climb

PYMNTS

Increasingly, the concern has turned to ransomware and credential compromises, with authorities urging businesses to implement multi-factor authentication measures to protect their data. The individuals are then said to have submitted fraudulent invoices to the university from the fake company, routing the payments to their personal accounts.

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Why The Data Breach Decline Is Bad News For Businesses

PYMNTS

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. Cybercriminals are using the tactic to steal company credentials, including executive email addresses, which are then sold on the dark web.

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FBI: BEC Scams Stole $1.2B In 2018

PYMNTS

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018. In Ireland. In Kentucky.