Remove Compromise Remove Email Compromise Remove Returns
article thumbnail

B2B Fraudsters Find New Twists In Old Scam Favorites

PYMNTS

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.

article thumbnail

Bottomline Helps Small Businesses Apply For COVID-19 Relief Funding

PYMNTS

Researchers said the findings underscore the acknowledgment that fraudsters are stratifying their methods to optimize returns by automating and scaling attacks. Automated attacks such as ransomware, business email compromise, and system-level takeover fraud, outpaced high-touch attack methods such as check fraud, the survey said.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

COVID-19 Scams Target The Business Community

PYMNTS

The individual is accused of conspiring to open bank accounts in the state for fraudulent companies in order to perpetuate the business email compromise (BEC) scam, which involves issuing fake invoices to companies' accounts payable departments. Department of Justice. business director, reports in Euro Weekly News said.

article thumbnail

Corporates Brace For BEC Scam Ramp-Up

PYMNTS

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

article thumbnail

Oracle: Overcoming ERP-AP Integration Inertia

PYMNTS

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.

article thumbnail

UK Metro Bank Hit By Messaging Scams

PYMNTS

In looking at scams designed to steal money from unwitting victims, fraudsters have been taking advantage of the fact that Gmail (Google’s email offering) can ignore “extra” dots in an address. The policy is known as “dots don’t matter” and research firm Agari has found that business email compromise fraud has been exploiting the effort.

article thumbnail

AscendantFX Makes The Case For Wire Transfer

PYMNTS

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 counterparts are not available.