PYMNTS

APRIL 7, 2020

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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Business Email Compromise Email Compromise AFP Compromise 61

Nanonets

NOVEMBER 14, 2023

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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Email Compromise Business Email Compromise Compromise Phishing 52

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. According to the site, the group is called Scattered Canary, and has plied its BEC trade over the past decade. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I

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Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

AUGUST 26, 2019

The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Officials said that, as had been estimated by the FBI’s Internet Crime Complaint Center, more than 14,000 complaints tied to BEC have been reported, with $1.1 million that had been wired by district employees to BEC scam.

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Business Email Compromise Romance Scams Scams Identity Theft 58

PYMNTS

MAY 7, 2018

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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Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

SEPTEMBER 9, 2016

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.

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