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.

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Business Email Compromise Scams Email Compromise Crime 91

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., according to recent reports from The Guardian.

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. He had access to both the internet and to his phone.

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Scams Checks Romance Scams Email Compromise 87

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. As reported by businessinsights.com , the agency has found more than 32,000 documented cases of BEC attempts during that timeframe. Taken on a daily basis, the BEC scams have tried to siphon off $8.7

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams.

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Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. Financial crime-fighters simply won’t suffer this state of affairs. Isn’t it just like a crook to exploit a bad situation?

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Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

APRIL 28, 2019

Police in Singapore helped stop a scam that was targeting users of bitcoin machines at a local mall. A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. This is just the latest crypto scam to hit the country.

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Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

JUNE 12, 2018

The recent increase in law enforcement resources going after BEC schemes shows the FBI’s “commitment to disrupt and dismantle criminal enterprises that target American citizens and their businesses,” FBI Director Christopher Wray said in the press release. billion in losses reported to the Internet Crime Complaint Center.

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Email Compromise FBI Compromise Law Enforcement 60

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. When it comes to fraud threats, no company — large or small — is immune.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As noted in other BEC scams, often the criminal impersonates an executive with the company. It also opens the door to more cross-border scams, as it only costs a little bit of money to set up a temporary U.S. phone number.

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Business Email Compromise Scams Email Compromise Compromise 45

PYMNTS

SEPTEMBER 30, 2019

companies via the Business Email Compromise scam, reports in The East African said last week. The effects of this crime are far-reaching, and the dollar amounts involved are staggering,” he added. The Explosion Of Business Email Compromise Scams,” highlighting the cyberscam. while 167 of those arrests occurred in Nigeria.

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Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. Department of Justice has announced a recent crackdown against people behind this email scam. Federal Bureau of Investigation.

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Scams Email Compromise Compromise Wire 65

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 . As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. For example, the U.S.

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Bitcoin Consumer Cryptocurrency Scams 93

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.

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Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

AUGUST 26, 2019

22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Late this past week, on Thursday (Aug.

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Business Email Compromise Romance Scams Scams Identity Theft 58

PYMNTS

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails.

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BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

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.

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Scams Business Email Compromise Email Compromise Wire Transfer 43

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. Worse, between 2019 and 2020, total financial losses increased by 14 percent, while lost time increased to 38 percent as a result of fraud. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

SEPTEMBER 8, 2020

Yet, as researchers pointed out, the amount of funds sought vary significantly from one attack to the other, with one particular BEC-attack group seeking an average of $1.27 The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1 million per targeted attack. According to Stuff.co.nz

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Business Email Compromise Ransomware Payee Overlay Service 69

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. Last year, 113,000 incidents of macro malware hit U.S.

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Ransomware Online and Mobile Banking Small Business Scams 77

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. It is so easy for attackers to pull off these kinds of scams,” he said.

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Business Email Compromise Security Scams Email Compromise 44

PYMNTS

OCTOBER 2, 2018

Though Halloween is less than a month away, what we talk about concerning payments crime is positively … creepy. In the latest Data Drivers, David Divitt, vice president of financial crime products at Vocalink , told PYMNTS’ Karen Webster that there’s some light at the end of the tunnel when it comes to battling the bad guys.

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Money Laundering Crime Financial Crimes Business Email Compromise 59

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.

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Business Email Compromise Scams Money Laundering Email Compromise 49

Seon

JUNE 15, 2023

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. As such, there are many examples of how BEC can be carried out.

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Email Compromise Compromise Business Email Compromise Risk 52

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. Only about 10 hands came up.”. “I

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AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

MAY 3, 2017

She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes.

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Faster Payments B2B Email Compromise Same Day ACH 45

PYMNTS

JANUARY 30, 2020

By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes. “Communication doesn’t only mean sending an email or letter to warn of the possibility of such scams,” said McConaghy.

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Faster Payments Real Time Payments APACS Financial Crimes 43

PYMNTS

APRIL 30, 2018

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). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”

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Email Compromise Treasury Ransomware Wire 59

PYMNTS

APRIL 5, 2019

It’s not organized crime,” said Arruda, “like you would think of with the Mob where everybody knows everybody.”. Education from FIs has been key, noted Arruda, who added that warnings from banks and credit unions has increased awareness about various scams including business e-mail compromises. Who Are the Bad Guys? What to Do.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. the Associated Press (AP) reported. There are also 2.3 Also this month, the U.S.

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