PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Fraud Trends.

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Scams Email Compromise Compromise Wires 65

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

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 96

Business Email Compromise Scams Ransomware Email Compromise 96

PYMNTS

FEBRUARY 1, 2021

At the same time, as this week's B2B Data Digest reveals, fraud can come from many sources, not only outside of the enterprise. 40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports.

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Data Breach Breach Business Email Compromise Scams 136

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. million erroneous payment resulting from a BEC scam.

Business Email Compromise 70

Business Email Compromise Scams Email Compromise FBI 70

PYMNTS

JANUARY 13, 2020

As Travelex works to regain control of its systems, restore operations and mitigate any future fallout from the incident, the cyberattack is yet another reminder that one company’s cyber vulnerabilities can have far-reaching effects throughout the B2B supply chain.

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

PYMNTS

FEBRUARY 3, 2020

The accused allegedly tapped a network of 49 shell firms for the business to business (B2B) scam that defrauded the government. 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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Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity. Targets are instructed to submit cards’ redemption codes over email. million, thanks to a phishing scam.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

FEBRUARY 8, 2019

As reported in this space during the week, the invoice payment enhancements are part of Coupa’s expansion into the B2B payments sphere via Coupa Pay, which debuted late last year. Larger Trends Point to Email Scams. The scammers have used the seeming loophole to open several fraudulent accounts.

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Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

MARCH 6, 2020

A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. In the meantime, PYMNTS gathered up a shortlist of the B2B FinTechs that were able to secure new funding as backers prepare for their next wave of support. The plan is now open for public comment, reports said. Mailprotector.

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B2B FinTech MSPS Email Compromise 80

PYMNTS

JANUARY 18, 2019

Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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. Indeed, only days later, Europol announced an arrest into one BEC scam involving the procurement of personal protective equipment (PPE).

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

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 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

SEPTEMBER 18, 2019

In B2B payments, a series of payment innovations is promising to put an end to some common frictions. Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018. Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018.

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Email Compromise Scams Compromise B2B 76

PYMNTS

FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams. Reports in People this week said Corcoran lost nearly $400,000 to an invoice scam and confirmed that she will not be able to recover the funds. “I

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Scams Email Compromise Compromise Correspondent 56

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.

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Scams Automation Phishing Email Compromise 63

PYMNTS

JULY 30, 2018

A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets. Reports in the Victoria Advocate said scammers are sending emails that appear to be from payment service provider Square. While there are several versions of the email, they all include the Square logo, according to reports.

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Phishing Scams Business Email Compromise Email Compromise 51

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.

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Scams Email Compromise Business Email Compromise Compromise 41

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. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wires 57

PYMNTS

APRIL 14, 2017

In the Association for Financial Professionals ‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams.

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B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

MARCH 23, 2020

Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise. Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets.

Email Compromise 71

Email Compromise Payroll FBI Compromise 71

PYMNTS

AUGUST 17, 2020

In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business email compromise (BEC) scam, as well as how they’re fighting back. PYMNTS breaks down the numbers of the latest in B2B fraud below.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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. How To Retain Security.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

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. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

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Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

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Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise FBI Email Compromise 43

PYMNTS

NOVEMBER 13, 2020

The cross-border B2B payments space experienced a small drop in growth during the first half of 2020 due to the COVID-19 pandemic’s effects, but it is expected to continue expanding despite this hiccup. It also analyzes these shifts' impact on future international B2B payments. Exacerbating Old Challenges . companies losing roughly $1.77

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Cross-Border Wire Transfer B2B Wires 64

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. 2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

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

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. As instances of the BEC scam continue to rise, a new challenge for companies could be on the horizon, too, as questions mount over whether such cyberattacks are covered by cybersecurity insurance.

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Scams Email Compromise Rules Business Email Compromise 40

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. The reported scam took place over four years at Apple supplier Japan Display Inc.,

Business Email Compromise 70

Business Email Compromise Scams Email Compromise B2B 70

PYMNTS

DECEMBER 17, 2019

An unidentified group is reportedly putting much effort into a complicated scam to steal the login credentials of government personnel. The scam begins when a company gets a bogus invitation via email to place a bid on a government contract.

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Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug.

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Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. million daily from companies individual victims.

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

JUNE 22, 2020

Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. ” Coronavirus-related scams are on the rise, too, researchers found. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

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. Cyberthieves email a company, generally in the U.S. billion from unsuspecting companies. billion from unsuspecting companies.

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FBI Scams Email Compromise Wires 40