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The Big Spike In ‘CEO Fraud’

PYMNTS

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses.

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What Are the Risks of Business Email Compromise & How Can You Prevent Them?

Seon

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. What Is a Business Email Compromise Attack?

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BEC Run Out Of Detention Center Nets Millions

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In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. Over the last 10 to 15 years, the CIS has gathered data about the controls that would significantly reduce the likelihood of a data breach, if implemented. ” The Larger Trends. “We

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Hacker Tracker: Identity Fraud On The Rise

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This consumer concern translates to a decrease in confidence in large organizations—which is then exacerbated by data breaches and other security events. FBI Sees Wire Fraud Via Email Grow In 2016. told Reuters that the FBI report covered just 20 percent of the total and that the losses could be double.

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Ipsos, Shred-it Find Employees Are Often The Weak Link Of Corporate Cybersecurity

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High-profile data breaches and attacks have catapulted cybersecurity to the top of executives’ priority lists, and investments in cybersecurity solutions are soaring: The 2018 Harvey Nash/KPMG CIO Survey found businesses surveyed spend a combined $46 billion on cybersecurity every year. ”

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Deep Dive: Why Businesses Are Seeking New Technologies To Optimize Cross-Border B2B Payments During The Pandemic

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billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts. companies losing roughly $1.77

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Procurement Is Ground Zero For Cybersecurity Protection

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The impact from a data breach on an enterprise can be a mixed bag. For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. 2013, resulting in $3.1