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.

Business Email Compromise

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. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

Business Email Compromise

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one. “A

Financial Crimes

PYMNTS

OCTOBER 9, 2020

With the help of kits that can be purchased on the dark web, new and unsophisticated scammers can now send highly authentic-looking branded emails that purport to be from an official health agency but actually link to a replica website that steals your information. Business Email Compromise.

B2B

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Just putting device profiling or two-factor authentication in place doesn’t help,” if it seems on the surface as if the actual customer is doing the transacting, he said.

Business Email Compromise

PYMNTS

DECEMBER 2, 2019

As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters.

Business Email Compromise

PYMNTS

AUGUST 24, 2020

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. At the heart of BEC and other scams is impersonation.

Deepfake

PYMNTS

SEPTEMBER 10, 2019

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

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

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Researchers warned that the rise of faster payments — which gives banks a much shorter window in which to identify and mediate fraud — is placing new pressure on financial institutions to embrace more identity authentication technologies.

Business Email Compromise

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

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. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

Scams

PYMNTS

JULY 24, 2018

“Users might be asked to authenticate using their Security Key for many different apps/reasons. ” The device is a two-factor authentication strategy that requires both the physical, USB-based Security Key and a password. It all depends on the sensitivity of the app and the risk of the user at that point in time.”

Phishing

PYMNTS

MARCH 1, 2017

Business email compromise scams can be especially lucrative, enabling a hacker to gain access to accounting departments.

Cybersecurity

PYMNTS

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. Compare that to ransomware, which made up just 11 percent.

Ransomware

PYMNTS

MAY 12, 2017

Strong identity authentication measures are only as strong as the network they live on. With this information, the attackers leveraged a weakness in the protocol that connects the back ends of telecom networks to intercept and redirect mobile transaction authentication numbers. FBI Sees Wire Fraud Via Email Grow In 2016.

Business Email Compromise

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

Cybersecurity

PYMNTS

JANUARY 16, 2020

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. The BEC scam can manifest in many forms.

Business Email Compromise

PYMNTS

APRIL 14, 2017

Perhaps worse than a company’s inability to identify these scams, though, is that often businesses aren’t even aware they should be looking out for them, “I made a presentation last year to a group of about 130 people and asked if they knew what a business email compromise scam was,” Carlsson recalled. Only about 10 hands came up.”. “I

AFP

PYMNTS

MARCH 28, 2018

The checkout experience, for example, can come riddled with hurdles for a customer passing through multiple layers of authentication and security. Sometimes that comes as a tradeoff with security.”.

Security

PYMNTS

APRIL 2, 2019

While the case sheds light on the ongoing threat of the business email compromise and other invoice scams, it also revealed how even the largest, most tech-savvy companies of the world can fall far, far short on their spend management processes. However, it’s not uncommon for firms to lack these internal controls.

Email Compromise

PYMNTS

SEPTEMBER 14, 2020

When it comes to preventing an attack, multifactor authentication and other kinds of multilayer security measures, plus the practice of frequently updating software and installing patches, remain the tried-and-true defenses. Blackbaud's data breach isn't unique, per se.

Breach

PYMNTS

MAY 5, 2017

The news of the Sabre breach investigation comes just a few days after omnichannel tech and operations company Radial released some alarming new fraud insights from the retail space which should work to further fan the fire beneath cybersecurity and authentication initiatives for businesses operating online.

Breach

PYMNTS

JULY 26, 2017

Phishing, ransomware, business email compromises, data theft and denial-of-service tactics can be especially harmful to FIs, and not only threaten the bank, but put the FI’s entire supply chain at risk, too.

OCC

PYMNTS

NOVEMBER 13, 2019

Wardwell took note of the rising incidence of business email compromise (BEC) and other fraud attempts on businesses. Security, of course, remains a critical concern.

Automation

FICO

APRIL 29, 2022

The New York Times recently ran a home page story on how criminals have concocted elaborate scams – complete with authentic ‘hold’ music – to impersonate bank customer service reps, tricking consumers into sending them money via Zelle. From transaction monitoring to data orchestration to authentication and more, FICO can help.

Retail Payments

PYMNTS

JANUARY 30, 2020

By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes. This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns.

Faster Payments

FICO

DECEMBER 20, 2022

Simple and effective behavioral, authentication-based, and live checks in payment processes can even help customers stop themselves from being conned. FIs can do themselves a favor while it is still early in the liability debate by adding some sensible friction back into the payment process. We Won’t Have to Apologize for Going Cashless.

Digital Payments

PYMNTS

SEPTEMBER 9, 2016

This fraud increase came after various financial institutions failed to implement a solid authentication apparatus to keep a check on fraudsters. In all cases, placing proper authentication at the front end of payment transactions and secure walls around all parties and steps in the transaction is critical. Batten Down The Emails.

Same Day ACH

PYMNTS

APRIL 5, 2019

You’re going to probably have two or three factor authentication,” she told Webster. “So Arruda noted the continuing trade-off that exists between a fictionless online interaction with the bank and one where security is the guiding factor. “If Who Are the Bad Guys? Webster asked who lies behind the attacks.

FBI

CB Insights

JULY 23, 2020

Biometrics — which measure a person’s physical characteristics, such as fingerprints or voice patterns — are often more secure than other authentication options, more convenient for customers, and more cost-effective for businesses. The company offers behavioral authentication and threat detection solutions for mobile and web applications.

Posting

The Payments Association

FEBRUARY 17, 2025

As AiTM fraud rises, businesses must adopt multi-layered security, biometric authentication, and user education to stay ahead of evolving threats. When the victim enters their credentials, the attacker captures these details and may steal session cookies to bypass multifactor authentication (MFA).

Phishing