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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Business email compromise attacks cost organizations $2.4 Wire transfer fraud remains the most common, where attackers impersonate executives or customers to redirect legitimate transfers. These schemes often target international wires where recovery becomes nearly impossible after 24-48 hours.

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Finzly Enhances Live Oak Bank Wire Services with 100% STP Using Fedwire Solution

Fintech Finance

Our partners at Live Oak Bank are committed to delivering the best solutions without compromise. The post Finzly Enhances Live Oak Bank Wire Services with 100% STP Using Fedwire Solution appeared first on FF News | Fintech Finance.

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Understanding POS Security: Protecting Your Business and Customer Data

VISTA InfoSec

When used, these devices will collect payment details without the merchant’s knowledge, compromising customer data security. To solve this problem, you must routinely inspect all POS hardware for signs of tampering, looking out for strange wires or additional devices attached to card readers or terminals.

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Live Oak Bank Implements Finzly’s Fedwire Solution

Finovate

The technology leverages Finzly’s pre-wired, tested, and certified connections to the Fed to keep banks and other financial institutions a step ahead when it comes to implementing Fedwire, complying with ISO 20022 standards, and launching new value-added services. . We are excited to support them in this mission.”

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Email’s Role In Combatting Business Email Compromise

PYMNTS

With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments.

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Eftsure Joins Nacha as Preferred Partner to Strengthen ACH Payment Security

Trade Credit & Liquidity Management

This approach helps prevent common threats such as business email compromise (BEC), fake invoices, insider scams, and duplicate payments. companies with a unique capability: ensuring their vendor payments—whether domestic via ACH, wire payments, or international—are directed to the correct recipients.”

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FBI Arrests 74 People For Business Email Compromise Scams

PYMNTS

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. million and the caused the disruption and recovery of about $14 million in fake wire transfers. Of the 74 arrested, 42 were people in the U.S.,