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. government procurement deal collapses , and authorities suspect fraud, according to The Guardian. They're still there, and they're there more than ever.”.

Business Email Compromise

PYMNTS

OCTOBER 7, 2019

New scrutiny has hit a Pennsylvania public transport authority, SEPTA, with sources telling The Philadelphia Inquirer that allegations of fraud have led to involvement by the Federal Bureau of Investigation. “VEC is the next evolution of business email compromise. . A New Twist On the BEC Scam.

Scams

PYMNTS

MARCH 23, 2020

The financial institution (FI) vowed last April to refund all victims of authorized push payment fraud, which often occurs after individuals are tricked via calls, texts and emails posing as legitimate bank staff. million in estimated refunds were paid by U.K.

Email Compromise

PYMNTS

JUNE 22, 2020

But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. At the same time, the percentage of companies that say they have been impacted by fraud actually declined year-over-year. ” $1.4

Checks

PYMNTS

JUNE 3, 2020

That’s especially important as criminals seek to use eCommerce to commit what might be termed “authorized fraud” as bad actors get hold of card details or log-in credentials, pose as legitimate account holders and send payments. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

Business Email Compromise

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. The scam, which used those devices and deployed email methods, netted more than $3 million in Australian currency. The scams netted an alleged $25 million from 2014 to 2016. “In

Business Email Compromise

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.

Business Email Compromise

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. We detected this fraud against our vendor management team and promptly alerted the authorities,” a Google spokesperson said. “We In a statement, Google confirmed that it had been a target. “We

Scams

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

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. According to authorities, there has been a 1,300 percent increase in losses since Jan. billion from unsuspecting companies.

FBI

PYMNTS

APRIL 28, 2019

A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. Attacks that capitalize on the human desire to respond to urgent requests from authority are on the rise,” reported Security Asia.

Scams

PYMNTS

FEBRUARY 20, 2018

19) warned that Authorized Push Payment (APP) fraud is on the rise. This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. consumer watchdog Which? is calling for better protections against push payment scams, according to reports. issued Monday (Feb.

Email Compromise

PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. As alleged by authorities tied to the anti-fraud garda, the accounts were used to launder hundreds of millions of euros through banks based in Ireland. billion in 2018.

Business Email Compromise

PYMNTS

SEPTEMBER 8, 2020

80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. million per targeted attack. Bottomline is now hoping to lower that U.K.

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

FEBRUARY 20, 2020

“It’s an assumption that every fraud begins with a CFO, or the CFO is involved in the very beginning,” said Joseph Brazel, an accounting professor at North Carolina State University, and co-author of “Reporting Concerns About Earnings Quality: An Examination of Corporate Managers.”

Romance Scams

PYMNTS

JULY 1, 2019

As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

Business Email Compromise

PYMNTS

APRIL 4, 2019

Meanwhile, instances of the Business Email Compromise (BEC) are also on the rise: About 47 percent of all incidents examined last year were the result of a hack or malware — and, of those, about half were BEC scams. New Attacks Emerge. ” Neither revealed whether they plan to pay the ransom, reports noted.

Ransomware

PYMNTS

NOVEMBER 26, 2019

Business email compromises. Authorities have said the thieves likely fled in an Audi A6, which is similar to a vehicle that was set on fire at a nearby parking garage. Ours is the age of the cyberheist. Spoofed phone numbers. Billions of passwords floating around.

Email Compromise

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts.

Business Email Compromise

PYMNTS

JANUARY 26, 2017

Last year, ‘disruption’ was the watchword in payments — primarily the FinTech variety,” concluded Ken Paterson, Mercator Advisory Group VP of research operations and author of the report. Still, cybercrimes like wire fraud and the business email compromise scam will remain prevalent in the industry.

B2B

PYMNTS

FEBRUARY 22, 2019

Much has been said in this space about Business Email Compromise ( BEC ) scams, where bad actors frequently pose as corporate officials, directing targeted individuals to send money to different accounts, or they pose as suppliers and present phony invoices to be paid. USD), charged to a fund for members to furnish their offices.

Direct Deposit

PYMNTS

APRIL 14, 2017

Authorities said this system is so good, corporates will just jump onto the new payment system,” he said. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS. Not so, at least, not unless a business is required to get on board. But nothing happened.

AFP

PYMNTS

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials.

BSA

PYMNTS

MAY 2, 2019

Authorities said that data then led to more than $4 million in illegal stock trades, according to Wall Street Journal reports. million business email compromise scam. million business email compromise scam. Organizations’ cybersecurity investments may be giving firms a false sense of security.

Data Breach

PYMNTS

SEPTEMBER 9, 2019

The taxman would keep a close watch on firms that quote common addresses, PANs, emails, mobile numbers or authorized signatories, according to the report. million has been returned to the City of Unalaska in the wake of an investigation by federal authorities into business email compromise (BEC) fraud.

Business Email Compromise

PYMNTS

JULY 15, 2019

In terms of individual fraud incidents, in Georgia, in June, the cyber-thieves were able to steal more than $800,000 from the city of Griffin via the ruse that is known as business email compromise (BEC). Authorities have told the site they believe the stolen funds can be recovered.

Business Email Compromise

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. The Securities Exchange Act of 1934 requires companies to develop internal accounting controls that mandate that transactions are done only with management’s “general or specific authorization.”.

Business Email Compromise

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters.

Business Email Compromise

PYMNTS

NOVEMBER 17, 2020

Customers are actually authenticating the transaction and authorizing the payments, and yet, in the end the damage is done because it’s still fraud. Chaos and disarray, of course, have been the hallmarks of the pandemic, and even of the leap in moving from paper checks and in-person commerce and banking to digital conduits.

Authentication

PYMNTS

OCTOBER 2, 2018

He described this as a “group of both business email compromise, BEC as it’s called, or CEO fraud.” The CEO or CFO impersonation can come from a phone call or somewhat legitimate looking email, and typically applies the pressure of authority on those underlings to make the payment. Relationships Preyed Upon.

Money Laundering

PYMNTS

MAY 3, 2016

There’s one type of payments fraud in particular that comes to mind, said Wilhelm, when considering some of the cyberthreats banks already have trouble dealing with today: the business email compromise. “It It puts the FI in an interesting position,” he explained.

Same Day ACH

PYMNTS

JANUARY 30, 2020

They included authorized push payment fraud, money laundering, and account application and takeover fraud. What makes these crimes so difficult to prevent in a real-time ecosystem is that transactions are often initiated by legitimate customers and exploited by fraudsters — and it’s not only consumers exposing banks to the threat.

Faster Payments

FICO

DECEMBER 20, 2022

FIs should consider educating customers on how to defend their own payment processes from business email compromise and impostor scams, and ensure trust, security and authenticity in ACH transactions. Fighting Scams and Authorized Push Payment Fraud in the US. We Won’t Have to Apologize for Going Cashless. See all Posts.

Digital Payments

PYMNTS

APRIL 5, 2019

Call it honor among thieves — and as Webster noted, the age of faster payments has made it increasingly harder for authorities to recover those ill-gotten gains. Group three may be hackers who go in and harvest the data — the credit cards, for example. And as for these far-flung groups getting paid? What to Do.

FBI

PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. A total of 17,642 reports of BEC were reported to authorities between Oct.

Same Day ACH

CB Insights

JULY 23, 2020

While the World Health Organization (WHO) and other health authorities have issued guidance for companies to make offices safer, reopening plans vary widely between countries and cities. Companies will have to look to guidelines from local and national authorities for each office location. Why IT matters.

Posting