PYMNTS

JUNE 22, 2020

.” Coronavirus-related scams are on the rise, too, researchers found. 37 percent fewer BEC attacks targeted the C-Suite in Q1 , according to new data from Abnormal Security. million was allegedly forged in company checks by an accounts officer at a family-owned Singapore-based business, Straights Times recently reported. .

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. Just last week, IBM cybersecurity experts uncovered a widespread BEC attack targeting players in the coronavirus vaccine supply chain. But the BEC scam is not the only kind of business payments fraud plaguing firms today.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

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. The 2018 report, sponsored by JPMorgan , finds fraudsters are spinning their BEC webs even broader, targeting new channels of business transactions.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. In business operations, BEC is often used to manipulate individuals within an organization for financial fraud or unauthorized access to sensitive information. What is Business Email Compromise (BEC)?

Email Compromise 52

Email Compromise Business Email Compromise Compromise Phishing 52

PYMNTS

APRIL 12, 2019

Thus, business email compromise fraud (BEC) is evolving too. As reported in darkreading.com, the gangs using BEC – new gangs and seasoned gangs – have recently been targeting human resource and finance professionals to grab direct deposit payroll information to siphon off funds.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

JULY 30, 2018

A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets. The Advocate also noted that a way to avoid falling victim to the scam is to verify the URL. Using financial services companies’ names and logos to commit scams is a common tactic for cybercriminals.

Phishing 51

Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

JANUARY 13, 2020

This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

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. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

Scams 63

Scams Automation Phishing Email Compromise 63

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.

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

FEBRUARY 22, 2019

In the quest for ill-gotten gains, fraudsters have a myriad of ways to try to scam unwitting victims, intercepting funds or having them sent to their own accounts. The site said the most recent scams had been uncovered before such deposits were made, but added that other attempts had been successful in the past.

Direct Deposit 54

Direct Deposit Scams IRS Business Email Compromise 54

PYMNTS

OCTOBER 7, 2020

However, in the past month alone, PYMNTS Bitcoin Daily has reported on nearly a dozen different scams and schemes involving bitcoin or other cybercurrencies. The Pandemic Is Making Scams Worse . For example, the U.S. Commodity Futures Trading Commission recently filed a complaint in a Texas U.S. The Dark Web Likes Bitcoin, Too .

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

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. Somebody sent out another email saying, ‘Ignore my previous invoice.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

APRIL 10, 2019

However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017. Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year.

AFP 69

AFP Scams Email Compromise ACH 69

PYMNTS

NOVEMBER 30, 2018

BEC Scams In Australia. 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.

Business Email Compromise 49

Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

OCTOBER 15, 2018

The scam entails a scammer posing as a legitimate business partner or vendor, claiming over the phone that the SMB owes them money, then demanding payment in the form of a Green Dot card. “This is a scam, pure and simple. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

APRIL 14, 2017

74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions. 10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was.

B2B 40

B2B Business Email Compromise Email Compromise Scams 40

PYMNTS

SEPTEMBER 28, 2020

“Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. The report states that these victims mostly lost their money to BEC scams. The report states that these victims mostly lost their money to BEC scams. Reported losses in 2020 exceeded $4.2

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

APRIL 14, 2017

One of the largest culprits: paper checks. Last year the AFP marked an unexpected reversal in the decline of the use of checks in B2B transactions, inching up 1 percent to 51 percent last year compared to 2013 levels (that survey is conducted every three years). Another issue with check use is that, at least in the U.S.,

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Check out our infographic to learn more about the continuing #evolution in fraud trends & how you can protect your firm from potential risks #fincrime #fintech #AML pic.twitter.com/dJbSqTgL0D.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

FEBRUARY 20, 2020

The fraud firm uses “physical checks to cash out money pilfered through business email compromise (BEC) attacks,” and it is “spread around multiple countries in Africa, including Nigeria, Ghana and Kenya,” a press release said. .

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

PYMNTS

OCTOBER 2, 2018

The nature of being scammed leads the victim to feel like they are solely responsible or that they have made mistakes. That ‘non-reporting figure’ probably happens across the board — not just with businesses, but with direct consumers who get scammed, too,” he told Webster. Relationships Preyed Upon. He noted that, in the U.K.,

Crime 59

Crime Money Laundering Financial Crimes Business Email Compromise 59

PYMNTS

APRIL 30, 2018

Nearly a fifth that experienced check fraud suffered a loss, and one-third of firms that were targeted by fraud said it came from a completely unknown source. More commonly, these fraudulent transactions are only caught the day they post to the company’s bank account (the same goes for check fraud, the report found).

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

OCTOBER 10, 2018

When it comes to business-to-business (B2B) transactions, paper checks are often the villain, cards an expensive but quick underdog, and ACH and its non-U.S. Earlier this year, the FBI said the value of successful BEC scams has now surpassed $12 billion. Thieves attempted to steal $5.3

Wire Transfer 46

Wire Transfer Wires Wire Cross-Border 46

PYMNTS

SEPTEMBER 9, 2016

This fraud increase came after various financial institutions failed to implement a solid authentication apparatus to keep a check on fraudsters. Just in the first four months of 2016, incidents of such scams increased by 270 percent. A total of 17,642 reports of BEC were reported to authorities between Oct. 2013 and Feb.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

CB Insights

JULY 23, 2020

Lobbies and building entrances: pre-entry wellness checks. Lobbies and building entrances: pre-entry wellness checks. Her temperature is checked before she waits in a socially distanced line for the elevator. Health screenings and verification using contactless wellness checks will also likely become common in office lobbies.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

JUNE 21, 2019

It was then revealed that the check was not deposited into the company’s bank account, but routed into a Maryland account owned by NRA CFO Wilson H. ” Australia’s SMB Scam Surge. The scams range from false billing to outright hacks. The AP department, however, had a record of paying ARM. Phillips, Jr.

Government 43

Government Governance Scams Ransomware 43