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

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 89

B2B Wire Transfer FBI Cybersecurity 89

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.

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Checks Email Compromise Security Compromise 58

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 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.

Business Email Compromise 91

Business Email Compromise Scams Email Compromise Crime 91

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.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

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 80

Data Breach Breach Small Business Business Email Compromise 80

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. Nearly three-quarters of U.S.

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Cybersecurity Data Breach Breach Email Compromise 43

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 Wire 59

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

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 77

Ransomware Online and Mobile Banking Small Business Scams 77

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

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.

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B2B FinTech MSPS Email Compromise 80

PYMNTS

APRIL 4, 2019

The threat of cyberattacks continues to grow, and small businesses (SMBs) are caught in the crosshairs. The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. New Attacks Emerge.

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. The most effective means for business protection from ransomware is a backup and disaster recovery solution, followed by cybersecurity training.”.

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Ransomware MSPS Disaster Recovery Cybersecurity 58

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 70

Business Email Compromise Scams Email Compromise B2B 70

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. “The

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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

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

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.

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AFP Scams Email Compromise ACH 69

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

APRIL 9, 2018

While details of the most recent incidents continue to surface, analysts are still looking at the Saks breach, initiated when the retailer’s owner, Hudson’s Bay Company, was targeted. last December pegged global spending on cybersecurity by corporates will hit $96.3 Estimates from Gartner, Inc. To err is human,” IBM said in its report.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

DECEMBER 8, 2020

As NETSCOUT Area Vice President of Engineering, Threat and Mitigation Products Hardik Modi told PYMNTS, cybersecurity is now top of mind for many of these firms. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

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FBI Business Email Compromise Scams Mitigation 71

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

Ransomware 44

Ransomware Phishing Email Compromise Online and Mobile Banking 44

PYMNTS

FEBRUARY 6, 2019

In one of the tightest labor markets that corporate America has seen in years, demand for financial experts remains resilient even as automation continues to rise. But what organizations are looking for in those professionals doesn’t look like it did a decade or so ago. “That’s long gone.”

Accounts 74

Accounts Finance On-Demand Automation 74

PYMNTS

JANUARY 16, 2020

The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. It’s all in the name of siphoning company cash from accounts payable operations, and experts say the threat will continue to increase.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

SEPTEMBER 14, 2020

The fallout continues to grow, with reports noting its slew of nonprofit and corporate customers have now been exposed to security threats as a result of data stolen in the Blackbaud breach. Cybersecurity experts at Breach Clarity now peg the number of clients impacted at 136.

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Breach Multifactor Authentication Ransomware Email Compromise 52

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.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

NOVEMBER 7, 2017

With the cybersecurity threat constantly looming and, in many instances, growing for corporations, a new report from Kaspersky Lab suggests businesses shouldn’t necessarily rely on their IT departments to safeguard their firms. But increased hiring may not be on the agenda, as cybersecurity spend has stalled for many organizations.

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Addressing Security Cybersecurity Email Compromise 43

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 40

FBI Scams Email Compromise Wire 40

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb.

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Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

MARCH 28, 2018

The saga, along with mounting concerns over “ fake news ,” are, in many ways, pushing corporate cybersecurity in a new direction, says Kevin Lee, the trust and safety architect at cybersecurity firm Sift Science. Stocks fell 14 percent, while lawsuits and further market value volatility are also expected.

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Security Data Breach Account Takeovers Breach 44

PYMNTS

APRIL 29, 2019

The SEC has also targeted the growing threat of cyberattacks against small businesses, with the Business Email Compromise a particular focus for the government agency. Last October the SEC released a report that that urged public companies to focus on cybersecurity and accounting controls to combat the threat of the scam.

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Small Business Email Compromise Laws Scams 43

PYMNTS

JULY 26, 2017

Today, the federal banking system remains healthy,” he continued. “As Commercial real estate (CRE) loans, however, continued to strengthen. The conversation continues over the rise of FinTech and alternative financial service providers as threatening the position of traditional banks. Amid these fluctuations, the U.S.

OCC 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. COVID-19 has afforded internet villains what will certainly go down as the greatest cybertheft opportunity of their shadowy lifetimes.

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Scams Automation Phishing Email Compromise 63

PYMNTS

MAY 12, 2017

businesses lose an estimated $50 billion each year due to identity fraud incidents. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam.

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Business Email Compromise ATM Phishing FBI 51