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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Business email compromise attacks cost organizations $2.4 Attackers compromise vendor email accounts, then send updated banking instructions just before scheduled payments. Multi-factor authentication protects against credential compromise but must extend beyond employee accounts. Continuous monitoring catches compromises early.

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The state of fraud in 2024: Key mid-year takeaways

The Payments Association

Collaboration with law enforcement and the Government The report stresses the importance of ongoing collaboration between financial institutions, regulators, and law enforcement. These collaborations are essential for disrupting organised crime and apprehending fraudsters.

Scams 88
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Protecting Seniors from Payment Scams: What You Need to Know

Innovative Payments Association

Tech Support Scams: Fraudsters pose as representatives from well-known tech companies, claiming that a senior’s device or account has been compromised. Report Suspicious Activity: If you suspect fraud, report it to your bank, payment provider, and law enforcement immediately.

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BioCatch Unveils Scam Detection Tool Scams360

Finovate

These sophisticated social engineering-based scams can range in tactics from romantic overtures and investment pitches to business email compromise and impersonation of friends or loved ones. APP fraud leverages psychological manipulation to entice victims into transferring their funds to accounts owned by fraudsters.

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FBI Arrests 74 People For Business Email Compromise Scams

PYMNTS

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses.

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What Should Merchants Do If They Suspect Credit Card Fraud At Their Business?

Clearly Payments

Isolate and Secure the Affected System Immediately isolate any compromised systems or payment terminals to prevent further unauthorized access. This documentation may be valuable for law enforcement or investigations by financial institutions. Here are specific steps to take if a credit card fraud incident occurs.

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Alibaba And Tencent Back China Cybersecurity Law

PYMNTS

China’s recently launched cybersecurity law is getting the support of Alibaba and Tencent Holdings. The new law, which puts broad restrictions on technology companies in China, is aimed at removing cybersecurity threats from industries it deems critical and at fighting terrorism, reported Fortune.