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. Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 51 percent | Decline in the use of physical checks in B2B transactions.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

JANUARY 18, 2021

This week's B2B Data Digest takes a look at the numbers behind the latest instances of fraud, including fraudulent invoices, corporate tax scams and more. $19 Reports in Boss Hunting said two brothers based in New York are accused of committing fraud with the eCommerce conglomerate by posing as a legitimate B2B wholesaler.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

JANUARY 26, 2017

B2B payments have a reputation for being slow to innovate , though the last couple years has challenged that notoriety. Faster payments initiatives, blockchain and other disruptions all show promise to make major changes in the B2B payments space. B2B Payments Outlook.

B2B 54

B2B Innovation B2C Faster Payments 54

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

MAY 3, 2017

For instance, NICE Actimize is watching B2B payments closely as fraudsters similarly shift their attention toward corporate transactions. “Up She cited The Clearing House and Same Day ACH as key initiatives in the realm of faster payments that have significant implications for B2B payment practices. By all means, they’re hitting it.”.

Faster Payments 45

Faster Payments B2B Email Compromise Same Day ACH 45

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

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. .” ” The U.K.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

APRIL 14, 2017

The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. With that in mind, it may not be so surprising that check fraud has increased, he said. “I

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

APRIL 30, 2018

According to the report, 29 percent that have experienced a system-level wire fraud attack have suffered a loss as a result. Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC).

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

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

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. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016. The sentence follows charges by the U.S.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

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 reports, funds wired are rarely recovered. billion from unsuspecting companies.

FBI 40

FBI Scams Email Compromise Wires 40

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. Recently announced statistics from the Federal Bureau of Investigation (FBI) bear out this trend. billion in 2018. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wires 57

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. Brick sent $338,000 via wire to the fraudulent account. According to reports, Brick did not take precautions to confirm that the new banking information was, in fact, a legitimate account owned by Toshiba.

Scams 40

Scams Email Compromise Rules Business Email Compromise 40

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. Only then did the bookkeeper realize that a fraudster had slightly altered Corcoran’s assistant’s email address to be more convincing.

Scams 56

Scams Email Compromise Compromise Correspondent 56

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. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

SEPTEMBER 16, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm in January.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

JUNE 12, 2019

Among these new services, the top focus is real-time payments (55 percent), followed by same-day ACH (44 percent) and blockchain-based networks (35 percent), according to Bottomline Technologies’ 2019 B2B Payments Survey. Wire transfers can be steered toward fraudsters’ bank accounts. Paper checks can be altered, signatures forged.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire.

Accounts 44

Accounts Wire Transfer Wires Wire 44

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. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

JANUARY 18, 2019

Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

Business Email Compromise 69

Business Email Compromise Scams Payroll Audit 69

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.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

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. Unfortunately, Sadler noted, it often doesn’t matter whether a fraudster is requesting a wire transfer or wire card payment. “It

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. Reports in The Art Newspaper say BEC scammers seem to have a new favorite target this time: art galleries. Attackers are doing the same when galleries make payments to artists, reports added.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

JUNE 20, 2018

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. The arrests were international in scope, and come as part as the FBI’s Operation Wire Wire, which is designed to pinpoint those scams.

Scams 45

Scams Phishing Federal Trade Commission Wire 45

PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. “Wire transfer fraud is of particular concern for corporate treasury,” the company wrote. Furthermore, so far, corporate adoption of faster payment tools is limited.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. It’s no secret that fraud is evolving as the bad guys and bad girls look to stay one step ahead of the ones wearing the white hats, warding off fraudulent transactions with the aid of prudence and good technology.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

JUNE 14, 2018

The next most prevalent activity was wire fraud, at 48 percent, followed by corporate fraud at 30 percent. As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017. The grand jury stated that she was behind a $2.3

AFP 41

AFP Accounts Wire Wires 41

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. The FBI also noted that this scam can often be coupled with other types of fraud, sometimes coming in the form of BEC in which a scammer requests a wire transfer or other payment be made.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. The scheme apparently unfolded the way many BEC scams do — with a fraudster posing as a legitimate vendor, and where payments had been wired into scammers’ bank accounts. As reported this past week by Fox 5 in Washington, D.C.,

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

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

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. . “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. What to Do About It.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. In some cases, the fraudsters impersonate people working within the same firm, with directives to wire funds to “new” accounts that are ostensibly tied to legitimate business practices.

Business Email Compromise 43

Business Email Compromise Scams Email Compromise Wires 43

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