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Scammers Prove Corporate Payments Fraud Comes In All Shapes And Sizes

PYMNTS

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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Corporate Fraud Reveals The Breadth Of Scammer Tactics

PYMNTS

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. The year-over-year cybersecurity budget increase amounts to an average spend of $2,691 per employee.

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Corporates Brace For BEC Scam Ramp-Up

PYMNTS

Cybersecurity experts are warning that the next year, and beyond, will continue to present an elevated threat level to businesses at risk of payments fraud — and governments are taking steps to react accordingly. cybersecurity technology companies are taking measures to raise awareness and combat corporate payment fraud risks.

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‘Scattered Canary’ BEC Scams Aim At US Firms

PYMNTS

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. As reported by Threatpost , earlier this month, researchers in London identified a cybersecurity gang that has evolved markedly in scale. The fraud evolved into romance scams a few years later, then BEC scams in 2015.

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Why The Data Breach Decline Is Bad News For Businesses

PYMNTS

Indeed, the latest research suggests that increasingly, cybercriminals are becoming more aggressive in their attacks on businesses and their finance departments. “Cybercriminals are simply shifting their tactics to find a new way to attack businesses and consumers.

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Deepfakes Threaten To Become The New BEC Scam

PYMNTS

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. At the heart of BEC and other scams is impersonation. IT teams are already growing more concerned about this risk.

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Report: BEC Fraud Increasingly Goes Mobile

PYMNTS

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. The Agari research found that the BEC scams play out similarly to gift card scams. phone number.