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. million, a reflection of how B2B invoices can be used to defraud government entities, too.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

FEBRUARY 24, 2020

This week’s B2B Data Digest takes a look at the latest data points behind more cases of B2B payments fraud. 41 percent more ransomware attacks were initiated last year , the New York Times reported, citing data from Emsisoft, with 205,280 businesses losing access to their data as a result.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

SEPTEMBER 8, 2020

In this week's B2B Data Digest, PYMNTS looks at some of those numbers, finding cybercriminals both within and outside of the enterprise don't discriminate across borders as attacks hit companies in New Zealand, the U.K. and elsewhere. million per targeted attack.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

DECEMBER 30, 2016

Mike Vigue, vice president, product strategy, cyberfraud and risk management at B2B payments firm Bottomline Technologies , warns that ongoing use of paper checks, fraudulent emails and general ignorance of cyberthreats will continue to place businesses — and their payment activities — at the center of thieves’ targets.

Checks 58

Checks Email Compromise Security Compromise 58

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. 133,000: the average cost of a ransomware attack on a small business. “This is a scam, pure and simple. .

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Of MSPs surveyed, about 75 percent said their SMB customers experienced “business-threatening” downtime as a result of a ransomware attack, said Datto’s chief technology officer, Robert Gibbons.

Ransomware 58

Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

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.

Scams 63

Scams Automation Phishing Email Compromise 63

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. B2C Brands’ B2B Risks. The New York Times reported Sunday (Feb.

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

SEPTEMBER 14, 2020

B2B Software-as-a-Service company Blackbaud recently notified its customers that in February of this year it fell victim to a ransomware attack and was not aware of the issue until about three months later.

Breach 52

Breach Multifactor Authentication Ransomware Email Compromise 52

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 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

JUNE 20, 2016

This week’s B2B Data Digest focuses on the flux and flow of managing cash. Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

MAY 2, 2019

Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. million business email compromise scam. Organizations’ cybersecurity investments may be giving firms a false sense of security.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

JUNE 20, 2018

As many as 35 percent of firms were hit by ransomware attacks, and when ransoms were demanded, 12 percent opted to pay up. Want more proof of email as a favorite scamming tool? Department of Justice said it had arrested 74 individuals who allegedly committed fraud via business email compromise scams.

Scams 45

Scams Phishing Federal Trade Commission Wire 45

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. The ransomware came through an invoice delivered through BEC. Through a series of interactions with SunTrust bank, more than $776,000 of the $2.5

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

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 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

MAY 7, 2018

In corporate payments, while fraud is typically linked to wire and checks , the rise in Business Email Compromise (BEC) and account takeovers means ACH fraud is a growing threat, same-day or not. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. False Sense of Protection.

Same Day ACH 47

Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

JANUARY 30, 2017

Many, researchers noted, were the result of CEO phishing attacks, a strategy known as the business email scam, which convinces a business employee to make a payment to a seemingly legitimate bank account. With the click of a mouse by a naïve employee, companies lose control over their customer, employee and business data.

Data Security 54

Data Security Government Governance Data Breach 54

PYMNTS

JUNE 21, 2019

In the B2B space, the latest cases are spread across North America, Australia and the U.K. The cyberattack on the city was launched when a member of its police department clicked on an email attachment with an infected link. Fraud knows no boundaries. In the U.S.,

Government 43

Government Governance Scams Ransomware 43

PYMNTS

JUNE 1, 2017

While the WannaCry ransomware attack, which hit hundreds of thousands of computers across 150 countries, was a wake-up call for companies everywhere without adequate cybersecurity measures, these incidents are becoming less of a surprise – less a shock, and more of a reminder that companies need to double-down on their security efforts.

Cybersecurity 55

Cybersecurity Breach Email Compromise Compromise 55