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. ” Below, PYMNTS looks at the data behind the latest B2B payments frauds, including BEC scams and beyond.

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Business Email Compromise Email Compromise Scams Law Enforcement 63

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. The two cases reflect the breadth of fraudulent activity that can hit any kind of business.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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. According to the Magnolia Reporter , $3.3

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Business Email Compromise Scams Email Compromise B2B 70

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. The biggest story this past week, of course, was the revelation that as much as $2.1

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Checks Risk Business Email Compromise Email Compromise 79

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.

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Checks Email Compromise Security Compromise 58

PYMNTS

FEBRUARY 24, 2020

small businesses, and fraudsters are taking advantage. In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). Tax season is upon U.S.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

OCTOBER 15, 2018

Frosh issued a warning to the state’s small business (SMB) owners last week, he shed light on the fact that, despite business owners’ rising focus on cyberattacks, some scammers continue to use legacy tactics to target their victims. 133,000: the average cost of a ransomware attack on a small business.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

NOVEMBER 18, 2019

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. 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

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. Other attacks hit small businesses with demands as low as $1,500, researchers found.

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Business Email Compromise Scams Ransomware Real Time Payments 71

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. As many as 70 percent of attacks set their sights on small businesses, said the data. The scams netted an alleged $25 million from 2014 to 2016. “In ” The Larger Trends. “We

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Business Email Compromise Email Compromise Scams Online and Mobile Banking 61

PYMNTS

JULY 30, 2018

Users should also be on the lookout for typos and grammatical errors in any emails, and be sure not to share sensitive details like payment card information or Social Security numbers. Last year, small business accounting company MYOB had its name used by phishing scammers who targeted small businesses.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

APRIL 4, 2019

The threat of cyberattacks continues to grow, and small businesses (SMBs) are caught in the crosshairs. 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. New Attacks Emerge.

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Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

FEBRUARY 20, 2019

Cybersecurity experts are urging small business (SMB) owners to not ignore the risks they face from cyberattacks. As SMBs become larger targets for cybercriminals, Mastercard is launching a new initiative in an effort to support small businesses’ defenses against these attacks. In a press release on Tuesday (Feb.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K.

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Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

SEPTEMBER 9, 2019

29 percent of small businesses spend less than $1,000 on IT security each year , data from Untangle revealed in its 2019 SMB IT Security report. SmallBizTrends reported last week that this data conflicts with Untangle’s other finding: that 80 percent of businesses surveyed agree IT security is a top priority.

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Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

APRIL 26, 2018

billion in costs are linked to fraud at small businesses (SMBs) in the U.K. More than a tenth of small firms told researchers they had suffered a cyberattack; more than 8 percent of that group said they had to reduce staff levels to cover the cost of cybercrime. On average, the cost of fraud on a small business hit $48,700.

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Cybersecurity Email Compromise Small Business Account Takeovers 40

PYMNTS

FEBRUARY 11, 2020

.” He pointed to corporates’ use of a business mail exchange as one source of public information that can be used by phishers to identify which email service a company uses, for example. B2C Brands’ B2B Risks. Businesses’ embrace of Microsoft is yet another reflection of this trend.

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Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

FEBRUARY 6, 2019

This shift has been so acute that small business cloud accounting firm Xero is even petitioning the Oxford English Dictionary to change the definition of “accountant” to one that includes the word “advise.” “That’s long gone.”

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Accounts Finance On-Demand Automation 74

PYMNTS

AUGUST 30, 2017

29) from Akouto warned of a “sharp” increase in the use of these new strains of malware, with small businesses some of the victims of an attack that can remain undetected despite virus scans. It wasn’t until the small business owner updated cybersecurity measures that the attack was detected. An announcement Tuesday (Aug.

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Email Compromise Cybersecurity Small Business Consulting 49

PYMNTS

SEPTEMBER 16, 2019

The investigations are the latest wrinkles in a story that continues to develop after several employees small businesses said they did not get paid. As reported by NBC News , the investigations were confirmed, separately, by spokespeople for the FBI’s Albany, New York office and the labor department.

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PYMNTS

SEPTEMBER 13, 2018

Small business owners are making a grave mistake if they assume their firms are not a prime target for cyberattackers. Not only are small and medium-sized businesses (SMBs) a prime target, but such an attack can be detrimental to a small company without the resources to combat a security threat.

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Ransomware MSPS Disaster Recovery Cybersecurity 58

PYMNTS

DECEMBER 12, 2017

That’s the status quo in corporate payments, and it’s not only creating friction for the business payer; it’s creating headaches for small business (SMB) accounting too. He recently told PYMNTS that small business accountants are much like their clients in the way they make and receive payments.

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PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. In terms of individual company news, coinweek.com reported fraud at internet auction site Sixbid.com earlier this month; according to several auction houses, bidders received fake invoices sent by email that sought to get unwitting customers to send payment.

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Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

JUNE 26, 2018

Take, for instance, the Business Email Compromise, a scam that is attributed to an estimated $5.3 In the Shred-it Security Tracker published last week, Ipsos surveyed more than 1,000 small businesses, more than 100 C-Suite executives at larger firms, and more than 1,000 employees to assess cybersecurity strategies.

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Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

JUNE 20, 2018

This past week saw the Federal Trade Commission (FTC) announce a new law enforcement initiative that focuses on bad actors who seek to commit crimes against small businesses. Postal Inspection Service and the Better Business Bureau. Want more proof of email as a favorite scamming tool?

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Scams Phishing Federal Trade Commission Wire 45

PYMNTS

NOVEMBER 30, 2018

The fraud is perhaps more commonly known as business email compromise (BEC). The site quoted Australian Competition & Consumer Commission (ACCC) Deputy Chair Delia Rickard, who stated, “It’s a scam that targets all kinds of businesses, including charities and local sporting clubs.

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Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

AUGUST 10, 2018

The research , conducted by Deloitte, found that 80 percent of small businesses aren’t taking advantage of digital solutions like data analytics. In essence, Capoccia told PYMNTS, these businesses act as if customer engagement strategies have remained the same throughout the years, even though they clearly haven’t.

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Cybersecurity Small Business Phishing Email Compromise 40

PYMNTS

JULY 16, 2019

The business email compromise (BEC) already takes advantage of email security vulnerabilities or deploys a social engineering strategy to convince accounts payable professions or other executives to pay a fake invoice into a fraudster’s account. And it can help you get paid faster by meeting customers where they’re at.”.

Security 40

Security Payment APIs and Integration Small Business Email Compromise 40

PYMNTS

JUNE 14, 2018

. ” report examines how this crime occurs, and what business owners can do to protect themselves and their companies. “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement.

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PYMNTS

APRIL 9, 2018

This could mean an employee storing sensitive company data on a personal device, or workers falling for phishing emails that lead to a data breach, business email compromise, malware or account takeovers. “To But this trend is also due, in part, to the fact that technology today only goes so far to address cyberthreats.

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Data Breach Breach Cybersecurity Phishing 49

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., Canada’s Crypto Case.

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Governance Government Scams Ransomware 43

PYMNTS

JUNE 1, 2017

Take the Business Email Compromise, for example. Attackers were using a sophisticated technique that would require behavioral detection, whether you’er a giant corporation or a small business. “Even the most sophisticated product in place, something like ours, will never be perfect.”.

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Cybersecurity Breach Email Compromise Compromise 55

PYMNTS

APRIL 10, 2017

When operating a small business, “up” is typically a positive direction. But often, stats going up — like inflation, the Federal Interest Rate, and corporate payment fraud levels — threaten the growth of small businesses. percent increase in business expenses, said Barclays. Small business borrowing.

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AFP Small Business Email Compromise Federal Reserve 40