PYMNTS

MAY 7, 2018

With Same-Day ACH now a reality in the U.S., In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. FIs are kept on their toes to mitigate this risk.

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Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

APRIL 13, 2020

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. ACH credit fraud now accounts for more than one-fifth of payments fraud attacks targeting companies, while one-third is made up of ACH debit fraud.

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

APRIL 10, 2019

However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017. Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year. ”

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AFP Scams Email Compromise ACH 69

PYMNTS

SEPTEMBER 9, 2016

With the Same Day ACH rollout coming in just two weeks and other faster payments initiatives taking off, financial institutions are taking significant steps to ensure the transition to a faster processing environment, including improving their payment security platforms to keep fraudsters at bay. Impact On Same Day ACH Rollout.

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Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

DECEMBER 29, 2020

But even if a business is sending ACH or accepting commercial card transactions, the processes and workflows associated with a B2B transaction remain complex, and they often cannot be remedied solely by adopting electronic payment methods. Yet, as he emphasized, humans continue to play an essential role in achieving the "perfect payment.".

B2B 114

B2B Reconciliation Payments Email Compromise 114

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. The HR/finance professional focus seeks to get credentials from a high-ranking employee in a targeted firm and leverages that employee’s legitimate email account to send emails to the finance professionals to get the funds transferred.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. This means that, though ACH payments have developed a reputation of greater security compared with checks, BEC scammers are also committing the scam to request fraudulent ACH transfers, too.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

JULY 30, 2018

A recent warning from the Federal Bureau of Investigation revealed that business email compromise (BEC) scams have now led to $12 billion in diverted funds.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

OCTOBER 10, 2018

When it comes to business-to-business (B2B) transactions, paper checks are often the villain, cards an expensive but quick underdog, and ACH and its non-U.S. “Not every country has an ACH-compatible option, so wires as a payment method are still necessary for cross-border payments.” Thieves attempted to steal $5.3

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Wire Transfer Wire Wires Cross-Border 46

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). More than a fifth of companies said they cannot detect ACH or wire fraud before it leaves their companies.

Email Compromise 59

Email Compromise Ransomware Treasury Wire 59

PYMNTS

OCTOBER 15, 2018

It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

MAY 3, 2017

NACHA may have assured some banks that Same Day ACH hasn’t led to an increase in payments fraud, but concerns remain widespread about how the initiative and other faster payments efforts will reduce the window of opportunity for FIs to detect and prevent an incident. Business Email Compromise is just one pain point,” she noted.

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Faster Payments B2B Email Compromise Same Day ACH 45

PYMNTS

JUNE 12, 2019

Among these new services, the top focus is real-time payments (55 percent), followed by same-day ACH (44 percent) and blockchain-based networks (35 percent), according to Bottomline Technologies’ 2019 B2B Payments Survey. There is also a wealth of public and private data that can be amassed in order to launch an offensive against a company.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

PYMNTS

APRIL 10, 2019

The Association of Financial Professionals released new data this week that revealed the threat of payments fraud continues to climb, particularly for large enterprises, as scams like ACH fraud and the Business Email Compromise climb to record levels. But the latest analysis of U.S.

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Risk Risk Mitigation Risk Management Data Breach 54

PYMNTS

APRIL 14, 2017

Plus, he added, even if a buyer wants to adopt those changes, often a supplier won’t want to accept an ACH or another electronic payment form. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS. Thus, checks stay in the enterprise — and check fraud grows.

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AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. In the case of Same Day ACH in the U.S., Furthermore, so far, corporate adoption of faster payment tools is limited.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

FICO

APRIL 29, 2022

Transactions through the automated clearinghouse (ACH) channel are on the rise, too. ACH volumes in the United States increased 8.7% While fraud rates over ACH remain small, just four basis points (.04%), 04%), NACHA officials say business email compromise attempts are on the upswing – just as they are across every channel.

Retail Payments 52

Retail Payments Zelle Romance Scams Consumer 52

FICO

DECEMBER 20, 2022

Credit cards have seen record growth and near-record balances through 2022, and alternative payment methods are booming, including everything from ACH and real-time money transfers to phone-based systems like Apple Pay and Google Pay. ACH Will Improve Business Cash Flows — and Scams Will Follow.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

PYMNTS

DECEMBER 24, 2018

He described this as a “group of both business email compromise , BEC as it’s called, or CEO fraud.”. That seems to be changing, as 47 percent of businesses are using same-day ACH credit. And, as of now and looking ahead, among the more prevalent criminal methods focused on business, according to Divitt: new relationship fraud.

Financial Crimes 65

Financial Crimes B2B Real Time Payments Crime 65

PYMNTS

DECEMBER 12, 2017

When it comes to wire transfers, meanwhile, separate analysis from the AFP found that 74 percent of companies surveyed said they were hit with a business email compromise scam in 2016, which typically involves scammers requesting payment via wire transfer for a fraudulent invoice.

Accounts 44

Accounts Wire Transfer Wire Wires 44