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The B2B Payments Fraud Threat Of Internal Employees

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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.

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Corporates Brace For BEC Scam Ramp-Up

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Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

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India Topples B2B Invoice Scam

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More than 60 bank accounts were used for “circular transactions to make them appear genuine,” according to reports. When it comes to B2B payment scams , it’s not only outsiders but entities’ own internal personnel that is often the cause of fraudulent activity.

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Business Email Scams’ Latest Target: Art Galleries

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Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. According to the publication, scammers using the BEC, in which a fake invoice is sent to a company with request for payment, have stolen “large sums of money” from art galleries in the U.K.

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UK Watchdog Proposes Compensation Plan For Victims Of Push Payment Fraud

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That complaint highlights the challenge consumers and businesses face when getting hit by so-called push payment scams, in which an individual or company is tricked into sending money to a fraudulent account to pay for goods or services.

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When Email Becomes SMBs’ Biggest Security Threat

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The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. It’s all in the name of siphoning company cash from accounts payable operations, and experts say the threat will continue to increase.

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Procurement Is Ground Zero For Cybersecurity Protection

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For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. ” Sure, a cyberattack on a supplier of a major, multinational corporation is a big deal.