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What is Business Email Compromise (BEC)?

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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)?

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BEC Tops Fraud Attempts Against Treasurers: Survey

PYMNTS

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement.

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With Same-Day ACH, You’d Better Have Same-Day Fraud Detection

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In a survey of financial institutions facilitating Same-Day ACH for their customers – which collectively account for about 66 percent of ACH origination volumes – NACHA found that exactly zero percent reported an increase in fraud. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. ”

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Will Same Day ACH Rollout Spark A Fraud Spike?

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ODFI focuses on the origination of transactions, while RDFI concentrates on receiving transactions. It creates a better commerce environment between originators and beneficiaries,” he said. A total of 17,642 reports of BEC were reported to authorities between Oct. Risky Business. 2013 and Feb. 2016, according to the FBI.