PYMNTS

SEPTEMBER 9, 2019

The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

FEBRUARY 12, 2020

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. billion (or slightly over half) of all losses tracked in 2019.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

FEBRUARY 1, 2021

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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Data Breach Breach Business Email Compromise Scams 136

PYMNTS

OCTOBER 9, 2020

The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. Leigh Reichel , new chief financial officer of cybersecurity firm INKY Technology Corp. Business Email Compromise.

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B2B Phishing Scams Ransomware 116

PYMNTS

MARCH 1, 2017

Security experts are practically begging corporates to get serious with cybersecurity. Google is a vocal player in the fight for enterprise cybersecurity. Spam, Google wrote in a Security Blog post , is certainly the most common cyberattack to hit an email inbox.

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Cybersecurity Phishing Email Compromise Breach 48

PYMNTS

FEBRUARY 20, 2019

Cybersecurity experts are urging small business (SMB) owners to not ignore the risks they face from cyberattacks. The service includes educational materials as well, like training videos and guidance on internal cybersecurity policy development. In a press release on Tuesday (Feb. In a press release on Tuesday (Feb. Education Is Key.

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Cybersecurity Visa Data Breach Small Business 56

PYMNTS

JANUARY 13, 2020

Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. The risk can also lead to fraudsters spoofing the email addresses of C-Suite executives to initiate payments to a fraudster’s account. According to local Kentucky Today reports, $1.5

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B2B Wire Transfer FBI Cybersecurity 89

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. The year-over-year cybersecurity budget increase amounts to an average spend of $2,691 per employee.

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Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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. cybersecurity technology companies are taking measures to raise awareness and combat corporate payment fraud risks.

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Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

DECEMBER 3, 2018

Data: 100 million: The amount stolen recently from nine public firms in recent business email compromise schemes. 90 percent: Share of professionals who name untrained staff as their firm’s biggest cybersecurity risk. 61 percent: Share of consumers polled by PYMNTS that made a Black Friday purchase.

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Email Compromise Cybersecurity Compromise Risk 61

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 Cybersecurity company Agari recently released data that estimates $13.5

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Email Compromise Compromise Cybersecurity Scams 46

PYMNTS

DECEMBER 30, 2016

What cybersecurity threats will impact corporate buyers and suppliers in 2017? 2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. In addition, the battlefield is evolving.

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Checks Email Compromise Security Compromise 58

PYMNTS

SEPTEMBER 21, 2019

As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. 20 percent of Business Email Compromise scams request payroll diversions new data from the Anti-Phishing Working Group (APWG) revealed in a report published last week.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

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. That figure marks the second-highest percentage in the past 10 years.

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Business Email Compromise Email Compromise AFP Compromise 61

PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. Just last week, IBM cybersecurity experts uncovered a widespread BEC attack targeting players in the coronavirus vaccine supply chain. Indeed, the last week has seen the emergence of even more examples coming to light.

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Business Email Compromise Scams Email Compromise Crime 91

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.

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Email Compromise Security Compromise Data Breach 40

PYMNTS

APRIL 30, 2018

While most agreed that the threat of fraud has increased, Strategic Treasurer found that treasurers and their teams are increasing investment in cybersecurity and anti-fraud measures, including security controls, cyber fraud insurance, transaction controls and cybersecurity technologies. “There is a lot more to be done.”

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Email Compromise Ransomware Treasury Wires 59

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

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Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. Supplier email scams , the FBI said, are rising at massive rates. 2013, resulting in $3.1 ”

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Cybersecurity Data Breach Assessments Breach 40

PYMNTS

JULY 30, 2018

“By targeting popular brands, recipients are more likely to have a relationship with the company being impersonated,” said cybersecurity company MailGuard. A recent warning from the Federal Bureau of Investigation revealed that business email compromise (BEC) scams have now led to $12 billion in diverted funds.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

JUNE 26, 2018

Cybersecurity is no longer an afterthought for today’s enterprise. Spend is still going up, too, as KPMG ‘s report found a 23 percent increase in the number of professionals prioritizing cybersecurity investments this year compared to last.

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Cybersecurity Data Breach Breach Email Compromise 43

PYMNTS

SEPTEMBER 3, 2020

In a podcast interview with PYMNTS, Andy Renshaw , vice president of product at Feedzai , said that an integrated approach to anti-money laundering efforts, fraud prevention and cybersecurity can stymie the bad guys’ best efforts — and even improve financial institutions’ (FIs’) reputations in the process. . .

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Money Laundering Email Compromise AML Fraud Prevention 111

PYMNTS

NOVEMBER 6, 2017

To mark this annual occasion, DHS holds a campaign to raise awareness of cybersecurity issues and to help companies and financial institutions take steps against the type of threats with consequences significantly more serious than perpetrating a Halloween prank. percent from Q2 2016 to Q2 2017. But obviously, that was not good enough.”.

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FS-ISAC Cybersecurity Account Takeovers NACHA 47

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.

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Scams Email Compromise Rules Business Email Compromise 40

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

MARCH 6, 2020

In addition to providing cybersecurity services, the company’s technology could prove important for businesses and governments facing a surging threat of Business Email Compromise (BEC) and other social engineering and phishing scams flowing in via their email platforms. Chqbook.com.

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B2B FinTech MSPS Email Compromise 80

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.

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Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

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Scams Business Email Compromise Email Compromise Identity Theft 47

The Paypers

APRIL 24, 2020

Switzerland-based cybersecurity service provider GlobeX Data has announced that it is planning to launch a new service against BEC (Business Email Compromise) attacks.

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Business Email Compromise Email Compromise Scams Compromise 36

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. More than half of surveyed treasurers also said they had been hit by attempted cyber fraud in the last 12 months.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

NOVEMBER 21, 2019

A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel. KPMG will connect corporate clients to nsKnox’s suite of cybersecurity tools and provide real-time detection and blocking of fraudulent transactions.

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B2B Security Cybersecurity Email Compromise 44

PYMNTS

MAY 2, 2019

Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. The company commissioned Spiceworks to survey 600 security and IT leaders about their biggest concerns and areas of focus in supply chain cybersecurity. million business email compromise scam.

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Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

OCTOBER 15, 2018

AG Frosh’s warning pertained to a specific small-business cybersecurity threat. It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “This is a scam, pure and simple.

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Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

FEBRUARY 3, 2020

The majority of businesses are at risk for an array of cybersecurity incidents, including the business email compromise (BEC) scam, which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. .

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

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

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.

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Business Email Compromise Scams Email Compromise B2B 70