Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions. What is Business Email Compromise (BEC)?

Email Compromise

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

PYMNTS

DECEMBER 28, 2020

Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. But accounts payable is far from the only back-office financial workflow at risk of fraud. million business email scam. In another case, the Bank of Ireland intercepted a $1.34

B2B

PYMNTS

AUGUST 3, 2020

” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

Fincen

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. billion (or slightly over half) of all losses tracked in 2019. And while the BEC is not the most common form scam, it is a lucrative one.

Business Email Compromise

PYMNTS

AUGUST 3, 2020

With accounts payable professionals working remotely, Anderson said he’s heard from some firms whose AP staff have had to physically take check-printing machines to their homes — opening up the door for fraudulent activity. “If you receive an email requesting payment to a different account, it may look genuine.

B2B

PYMNTS

FEBRUARY 1, 2021

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

Data Breach

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

PYMNTS

FEBRUARY 6, 2019

This shift has been so acute that small business cloud accounting firm Xero is even petitioning the Oxford English Dictionary to change the definition of “accountant” to one that includes the word “advise.” Changing Demand. That demand for human talent, by the way, hasn’t decreased.

Accounts

PYMNTS

AUGUST 24, 2020

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., Millions of dollars in lost revenue negatively impacts a company's ability to provide cost-effective services to legitimate customers who use the vendor's platform.".

Scams

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation.

Scams

PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account.

Business Email Compromise

PYMNTS

OCTOBER 17, 2018

The SEC’s investigations focused on “business email compromises” (BECs), where criminals posed as company executives or vendors and used emails to trick employees into sending large sums to fraudulent bank accounts.

Cybersecurity

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand.

Business Email Compromise

PYMNTS

DECEMBER 29, 2020

Now, with electronic processes in place in accounts payable (AP) and accounts receivable (AR) departments, businesses are in a more strategic position than ever before to elevate workflows and strengthen B2B relationships. You have invoice aggregation, multiple account numbers with vendors, short payments, disputes and credit memos.".

B2B

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. The individuals are then said to have submitted fraudulent invoices to the university from the fake company, routing the payments to their personal accounts.

Business Email Compromise

PYMNTS

OCTOBER 7, 2019

Separately, researchers at Agari are warning of Silent Starling, the newest cybercriminal ring using a Vendor Email Compromise (VEC) scam to steal company cash from supply chains. “VEC is the next evolution of business email compromise. “VEC is the next evolution of business email compromise. .

Scams

PYMNTS

JUNE 22, 2020

Though there is no evidence of any accounting fraud, the company warned late last week that it is possible the firm may have become the victim of “fraud of considerable proportions,” adding that there is indeed evidence of “spurious balance confirmations,” according to Reuters. ” $1.4 ” $1.4

Checks

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. The attacker used Office 365 because of the reduced suspicion and to avoid malicious detection systems, according to the post.

Business Email Compromise

PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud. Though the figure is high, it’s a decrease from 80 percent in 2018, the AFP noted.

Business Email Compromise

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise

PYMNTS

APRIL 2, 2020

To help with this challenge, the company will provide its digital business account opening, fraud management, and onboarding platform, to banks serving small business customers, it said. It will help them deliver digital access to the critically needed SBA guaranteed funding programs, Bottomline said.

Small Business

PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. Those replies are then recorded and made available for IT managers to download and review if needed.

Phishing

PYMNTS

AUGUST 17, 2020

In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business email compromise (BEC) scam, as well as how they’re fighting back. 300,000 was stolen by an accountant in Australia , according to ABC.net.au

Business Email Compromise

PYMNTS

JANUARY 18, 2021

The individual is accused of conspiring to open bank accounts in the state for fraudulent companies in order to perpetuate the business email compromise (BEC) scam, which involves issuing fake invoices to companies' accounts payable departments. Department of Justice. business director, reports in Euro Weekly News said.

Scams

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions. PYMNTS breaks down the numbers behind the latest cases below.

Business Email Compromise

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

PYMNTS

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. gained access to a real estate lawyer’s email account. He and an accomplice operated from Nigeria, targeting the U.S., New Zealand and a number of other countries.

Business Email Compromise

PYMNTS

OCTOBER 9, 2020

Spoof emails that impersonate healthcare companies looking to ensure that your coverage remains intact during the pandemic is one new way criminals are looking to gain unauthorized access to your personal data. Business Email Compromise. They then dupe back offices with requests to transfer funds to a new account.

B2B

PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. With those accounts he then bought a luxury car and homes.

Scams

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug. China and Europe.

Scams

PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. Reports said the former finance director allegedly stole $1.5

B2B

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. Brick was hit with the BEC scam in 2010 when a scammer claiming to be from Toshiba sent a message to the company’s accounts payable (AP) department. Brick sent $338,000 via wire to the fraudulent account.

Scams

PYMNTS

FEBRUARY 24, 2020

Separate research from Coveware found companies paid an average of $84,116 to recover their files in Q4 2019, reports said, adding that public entities accounted for about one-tenth of 2019’s cases. Analysis of BEC complaints filed in 2019 found that BEC scams accounted for nearly half of the $3.5

Business Email Compromise

PYMNTS

MAY 25, 2016

The Business Email Compromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.

Email Compromise

PYMNTS

FEBRUARY 24, 2020

For the accounts payable (AP) and enterprise resource planning (ERP) automation space, it’s no longer business as usual. The uptick in fraud, such as the Business Email Compromise, has continued to target areas like bank transactions, despite firms’ increased spending on anti-fraud measures, the survey found. About The Tracker.

Automation

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

Business Email Compromise