PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. But, according to Tharle, “there are a number of new technologies coming down the pipe that will mitigate some of this.”. NICE Actimize (@NICE_Actimize) June 1, 2020.

Business Email Compromise

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. The BEC scam can manifest in many forms. Beyond The BEC. It is so easy for attackers to pull off these kinds of scams,” he said.

Business Email Compromise

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

Cybersecurity

PYMNTS

OCTOBER 2, 2018

He described this as a “group of both business email compromise, BEC as it’s called, or CEO fraud.” You can inject a large amount of illicit cash into the system or right from your typical suitcase of cash [and] into a branch,” Divitt said, “but it can also come from one of those CEO, BEC or invoice redirection frauds.”

Money Laundering

PYMNTS

APRIL 14, 2017

But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. I can imagine that by next January, when we collect the data for the next survey, the BEC scams will eventually see a drop,” he said. Thus, checks stay in the enterprise — and check fraud grows.

AFP

PYMNTS

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3 counterparts are not available.

Wire Transfer

PYMNTS

MAY 7, 2018

FIs are kept on their toes to mitigate this risk. 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’s the reality: Every system can be compromised.”

Same Day ACH

PYMNTS

SEPTEMBER 9, 2016

PYMNTS recently spoke with Luis Rojas, vice president of product management for Guardian Analytics , an online banking security firm, about the effect of a faster processing environment, the potential for increased fraud and how to mitigate that risk. Faster Payments Risk-Mitigating Capabilities. The Mountain View, Calif.-based

Same Day ACH

PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. The benefits of real-time payments outweigh the risks, said McConaghy, but that doesn’t mean APAC institutions can afford to not prioritize fraud mitigation. ”

Faster Payments

CB Insights

JULY 23, 2020

It’s assumed that lasting contact and interaction was the main reason for the spread, underscoring the importance of social distancing between employees as a primary risk mitigation strategy in reopened offices. New variations of BEC have emerged during the pandemic. Source: Abnormal Security. Why it matters.

Posting

PYMNTS

JUNE 21, 2019

Finally, in Texas, the Better Business Bureau (BBB) is warning small businesses (SMBs) of the latest twist on the Business Email Compromise (BEC) scam: fraudulent requests for proposals with PDF attachments infected by malware. Canada’s Crypto Case. In The UK, Too. Separately, as much as 93 percent of SMBs in the U.K.

Government