PYMNTS

AUGUST 3, 2020

“Identifying and promoting mitigation tactics today will service us well as faster payment systems continue to ramp up,” FPC Executive Director Reed Luhtanen said in a statement sent to PYMNTS. “Also remember to ring a number you know to be from the company, do not ring the number stated in the email request.”

B2B

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

Business Email Compromise

PYMNTS

AUGUST 24, 2020

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., A 60 percent increase in ransomware payments signals continued B2B payment attacks, according to the latest data from Coveware. Canada and the world over.

Scams

PYMNTS

OCTOBER 7, 2019

Separately, researchers at Agari are warning of Silent Starling, the newest cybercriminal ring using a Vendor Email Compromise (VEC) scam to steal company cash from supply chains. “VEC is the next evolution of business email compromise. . “VEC is the next evolution of business email compromise.

Scams

PYMNTS

MARCH 23, 2020

It’s too soon to tell how the coronavirus crisis will impact corporates’ financial and payment operations, but while analysts continue to raise the alert about consumer payments fraud, the risk of B2B payments fraud persists, particularly as more employees work from home.

Email Compromise

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. Those replies are then recorded and made available for IT managers to download and review if needed.

Phishing

PYMNTS

OCTOBER 9, 2020

told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 Phishing scams continue to proliferate in the number of attacks and dollar value of losses.”. He said the rising volume of business emails between work-at-home staffers make a perfect target. Business Email Compromise.

B2B

PYMNTS

JUNE 22, 2020

Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1

Checks

PYMNTS

DECEMBER 30, 2016

Mike Vigue, vice president, product strategy, cyberfraud and risk management at B2B payments firm Bottomline Technologies , warns that ongoing use of paper checks, fraudulent emails and general ignorance of cyberthreats will continue to place businesses — and their payment activities — at the center of thieves’ targets.

Checks

PYMNTS

NOVEMBER 18, 2019

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. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise

PYMNTS

DECEMBER 29, 2020

Yet, as he emphasized, humans continue to play an essential role in achieving the "perfect payment.". For instance, the risk of B2B payments fraud continues to permeate organizations even as payments digitize.

B2B

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams

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. Internet scammers, by nature, are a resourceful lot.

Scams

PYMNTS

AUGUST 17, 2020

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. According to Trend Micro, this criminal activity continues.

Business Email Compromise

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions.

Business Email Compromise

PYMNTS

SEPTEMBER 10, 2019

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

Email Compromise

PYMNTS

SEPTEMBER 21, 2019

“Cybercriminals continue to be creative in their attacks, turning their attention to industries such as manufacturing to retail, and using cloud technology and software like common mobile apps to their advantage,” he said in a statement last week. ” The U.S.

Data Breach

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

Business Email Compromise

PYMNTS

MAY 25, 2016

The Business Email Compromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.

Email Compromise

PYMNTS

FEBRUARY 27, 2020

Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams.

Scams

PYMNTS

APRIL 10, 2019

While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights.

AFP

PYMNTS

JANUARY 13, 2020

The currency exchange company continues in the grips of a ransomware attack that has crippled its operations, as well as the foreign currency operations of its corporate clients, including HSBC and Barclays. Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports.

B2B

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. As instances of the BEC scam continue to rise, a new challenge for companies could be on the horizon, too, as questions mount over whether such cyberattacks are covered by cybersecurity insurance.

Scams

PYMNTS

APRIL 30, 2018

Jeffery said he is “pretty happy” with the finding that treasurers are investing in security, and that many will continue to do so in the coming two to three years, particularly as they implement new systems and tools, like faster payments , that demand a more sophisticated approach to security.

Email Compromise

PYMNTS

JANUARY 21, 2021

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. Well-funded and organized fraud operations, meanwhile, continued to amass more capital, manpower and technology. It’s time to fight back. Businesses across the U.S.

Email Compromise

PYMNTS

AUGUST 24, 2020

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. The Pandemic's Security Impact.

Deepfake

PYMNTS

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. billion from unsuspecting companies. According to reports, funds wired are rarely recovered.

FBI

PYMNTS

MARCH 6, 2020

Even so, funds continue to fill their coffers in anticipation of more investments ahead. A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. Chqbook.com.

B2B

PYMNTS

FEBRUARY 24, 2020

The uptick in fraud, such as the Business Email Compromise, has continued to target areas like bank transactions, despite firms’ increased spending on anti-fraud measures, the survey found. AP departments are the prime targets of bad actors, and automating AP processes poses a strong defense against criminal breaches.

Automation

PYMNTS

OCTOBER 12, 2020

For example, the 350,000 companies that have contracts with the Department of Defense will soon have to comply with a new mandate known as Cybersecurity Maturity Model Certification (CMMC) if they want to continue doing business with the government.

Cybersecurity

PYMNTS

DECEMBER 2, 2019

As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters. According to the Magnolia Reporter , $3.3

Business Email Compromise

PYMNTS

OCTOBER 15, 2018

Frosh issued a warning to the state’s small business (SMB) owners last week, he shed light on the fact that, despite business owners’ rising focus on cyberattacks, some scammers continue to use legacy tactics to target their victims. AG Frosh’s warning pertained to a specific small-business cybersecurity threat.

Ransomware

PYMNTS

JULY 6, 2020

Wirecard continues to dominate the headlines in the realm of corporate fraud thanks to $2 billion missing from the company’s books, but it’s not the only company at the center of questionable activity. With the global pandemic continuing to cause market disruptions, the opportunities for fraudsters remain on the rise.

Business Email Compromise

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. BEC is not the only cyberattack causing corporate losses, however, as ransomware threats continue to ramp up as well. Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity.

Business Email Compromise

PYMNTS

JUNE 3, 2020

Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle. Check out our infographic to learn more about the continuing #evolution in fraud trends & how you can protect your firm from potential risks #fincrime #fintech #AML pic.twitter.com/dJbSqTgL0D.

Business Email Compromise

PYMNTS

FEBRUARY 8, 2019

In other company-specific news, the Wirecard saga continues — with shares down double digits in intraday trading — as the payments firm, which is based in Germany, denied a Financial Times report that spotlighted what the financial publication said was “suspected book padding” tied to the company’s Asian businesses.

Scams

PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. That email led to the creation of an automated payment account, and funds were transferred. billion in 2018.

Business Email Compromise