Remove Continuity Remove Email Compromise Remove Wire Transfer
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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Business email compromise attacks cost organizations $2.4 What started as simple phishing emails has evolved into complex schemes involving social engineering, insider knowledge, and technical sophistication that can fool even experienced professionals. Continuous monitoring catches compromises early.

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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. Law enforcement also seized close to $2.4

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AscendantFX Makes The Case For Wire Transfer

PYMNTS

Rarely does the wire transfer come into play as an exciting, innovative payment rail ready to disrupt cross-border B2B payments. The wire transfer, made popular by Western Union more than 150 years ago, may not seem to be the most innovative rail. Thieves attempted to steal $5.3 counterparts are not available.

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KnowBe4 Phishing Tool Looks To Take Down CEO Fraud

PYMNTS

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. Once inside, cybercriminals can monitor the financial connections and interactions within the company.

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The B2B Payments Fraud Threat Of Internal Employees

PYMNTS

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
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Deep Dive: Why Businesses Are Seeking New Technologies To Optimize Cross-Border B2B Payments During The Pandemic

PYMNTS

The cross-border B2B payments space experienced a small drop in growth during the first half of 2020 due to the COVID-19 pandemic’s effects, but it is expected to continue expanding despite this hiccup. Many firms still process cross-border transactions through wire transfers. companies losing roughly $1.77

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 Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud

PYMNTS

The investigations are the latest wrinkles in a story that continues to develop after several employees small businesses said they did not get paid. As reported by NBC News , the investigations were confirmed, separately, by spokespeople for the FBI’s Albany, New York office and the labor department.

FBI