PYMNTS

SEPTEMBER 30, 2019

companies via the Business Email Compromise scam, reports in The East African said last week. When Fairfax County discovered it was being defrauded, the FBI launched Operation reWired to capture the online fraudsters. The FBI revealed earlier this month that the operation led to arrests and the seizure of millions of dollars.

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Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016.

Business Email Compromise 55

Business Email Compromise Scams Fincen Crime 55

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.

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Business Email Compromise Scams Romance Scams Counterfeit Check 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

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. The scam, which used those devices and deployed email methods, netted more than $3 million in Australian currency. The scams netted an alleged $25 million from 2014 to 2016. “In

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Business Email Compromise Email Compromise Scams Online and Mobile Banking 61

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.

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Scams Business Email Compromise AFP Wire Transfer 55

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

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

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 FBI Email Compromise 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.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation. Fraud Trends.

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Scams Email Compromise Compromise Wire 65

PYMNTS

DECEMBER 8, 2020

With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

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FBI Business Email Compromise Scams Mitigation 71

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.

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B2B Wire Transfer FBI Cybersecurity 89

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. billion in total cybercrime-related losses for the year.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

SEPTEMBER 16, 2019

As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. Agari said the payroll diversion scams are on the rise and are gaining traction as a result of social engineering.

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FBI Direct Deposit Wire Transfer Payroll 69

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.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

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

SEPTEMBER 9, 2019

In the United Kingdom, online marketplace news site Tamebay reported this past week that eBay has allegedly not stopped a scam where fraudsters changed details of sellers’ PayPal addresses and diverted funds into scammers’ accounts. Or is it already happening to you and you just aren’t aware you’re being scammed?

Business Email Compromise 40

Business Email Compromise PayPal Email Compromise Scams 40

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. FBI Sees Wire Fraud Via Email Grow In 2016. billion across organizations.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

DECEMBER 21, 2018

In examples of the ill-famed business email compromise ( BEC ) scams that seem to make frequent headlines, $1 million was transferred from the Save the Children Foundation. The FBI noted that as much as $12.5 billion has been stolen via BEC from October 2013 to May 2018. France and Germany lack visibility into expenses.

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Business Email Compromise Email Compromise Advisors IRS 60

PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. What to Do. But, as they say, prevention begins at home.

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FBI Credit Union Credential Cybersecurity 50

PYMNTS

JANUARY 21, 2021

According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related scams alone. Particularly stunning this year was the volume of business email compromise (BEC) attacks, which, according to the FBI, is already a $2 billion-a-year business.

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Email Compromise Business Email Compromise FBI FTC 72

PYMNTS

NOVEMBER 13, 2020

Fraud scams targeting these wire transfers have long been an issue, with U.S. billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

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Cross-Border Wire Transfer B2B Wire 64

PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI.

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

The Paypers

AUGUST 20, 2019

(The Paypers) Obinwanne Okeke, a Nigerian businessman that stole USD 11 million from one victim alone, has been accused of business email compromise fraud (BEC).

Email Compromise 31

Email Compromise Business Email Compromise FBI Scams 31

PYMNTS

JANUARY 9, 2019

Among the most prevalent is the Business Email Compromise (BEC), a type of social engineering attack that received significant attention last year. The Federal Bureau of Investigation (FBI) has now pegged total losses to BEC scams at $12 billion across 150 countries, marking a 136 percent rise in BEC cases between December 2016 and May 2018.

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Faster Payments Business Email Compromise Treasury Real Time Payments 56

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. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

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

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Wire Transfer Wires Wire Cross-Border 46

PYMNTS

SEPTEMBER 9, 2016

When it comes to cyberattacks, there is one kind that Rojas believes cybercriminals will use to perpetuate fraud, regardless of speed of transaction, the payments system or type of technology: the Business Email Compromise (BEC) — popularly known as CEO fraud. A total of 17,642 reports of BEC were reported to authorities between Oct.

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Same Day ACH ACH ODFI Faster Payments 40

PYMNTS

FEBRUARY 14, 2020

The Cost of Love: Broken hearts club: Consumers report losing more than $200 million to romance scams last year, as estimated by the FTC. B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. billion in losses were due to BEC fraud last year. That’s up 40 percent over 2018.

Business Email Compromise 52

Business Email Compromise Cross-Border Romance Scams FTC 52

CB Insights

JULY 23, 2020

” Instances of intrusion were so frequent that the FBI issued a warning about the phenomenon. Business email compromise (BEC), where attackers impersonate a corporate email address to fraudulently redirect funds, continues to be one of the most common forms of cyberattacks and takes on several forms. Source: NPR via Twitter.

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Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

DECEMBER 14, 2020

The FBI is currently investigating the attacks, and the federal Cybersecurity and Infrastructure Security Agency (CISA) issued a warning Sunday about an “active exploitation” that involved SolarWinds ’ Orion Platform software.

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Government Governance Security Cybersecurity 85