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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Banks and credit unions face a perfect storm of attractive targets, sophisticated attackers, and mounting regulatory scrutiny that makes BEC prevention a critical priority. Understanding BEC Attack Vectors in Banking Modern BEC attacks against financial institutions follow predictable patterns.

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Cyber Threats Surge in India’s Financial Sector

Fintech News

Attack vectors across the banking, financial services and insurance industry operations, Source: Digital Threat Report 2024, CERT-In, CSIRT-Fin and SISA Phishing attacks surge In H1 2024, cybersecurity firm Kaspersky recorded more than 135,000 phishing attacks targeting Indias financial sector.

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Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., 389 percent more BEC scams hit U.S. businesses between Q1 and Q2, per new Abnormal Security research revealed in its Quarterly BEC Report for Q2 2020.

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Why The Data Breach Decline Is Bad News For Businesses

PYMNTS

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

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Fraudsters Try New Spins On The BEC Scam

PYMNTS

The Business Email Compromise (BEC) continues to evolve. New analysis from Bank Info Security , for instance, revealed that BEC scammers have begun to target corporates’ financial documents from accounts receivable departments to identify unpaid invoices, as well as information regarding Days Sales Outstanding and clients.

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The Big Spike In ‘CEO Fraud’

PYMNTS

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses.

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KnowBe4 Phishing Tool Looks To Take Down CEO Fraud

PYMNTS

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. The phishing tool uses simulated attacks to test users and tracks how they reply.