PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. billion in 2018.

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Scams Email Compromise Compromise Wire 65

PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. Financial crime-fighters simply won’t suffer this state of affairs. Isn’t it just like a crook to exploit a bad situation?

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. What Is a Business Email Compromise Attack?

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Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

JULY 13, 2020

But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account. But the two likely needed a U.S.-based

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Business Email Compromise FBI Bitcoin Email Compromise 86

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions.

Business Email Compromise 91

Business Email Compromise Scams Email Compromise Crime 91

PYMNTS

NOVEMBER 18, 2019

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.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

APRIL 28, 2019

Police in Singapore helped stop a scam that was targeting users of bitcoin machines at a local mall. A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. This is just the latest crypto scam to hit the country.

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Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

APRIL 26, 2019

Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. In other FBI-related anecdotes around BEC fraud, the bureau noted that scams also came from fraudsters who pretended to be real estate brokers. billion in 2018.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

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Scams Business Email Compromise FBI Email Compromise 43

PYMNTS

AUGUST 3, 2016

According to the Federal Bureau of Investigation , cyberscams attacking businesses, known as the Business Email Compromise, has led to $3.1 The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. On Tuesday (Aug. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

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. How To Retain Security.

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Deepfake Business Email Compromise Scams Multifactor Authentication 61

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. million daily from companies individual victims.

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

OCTOBER 7, 2020

However, in the past month alone, PYMNTS Bitcoin Daily has reported on nearly a dozen different scams and schemes involving bitcoin or other cybercurrencies. The Pandemic Is Making Scams Worse . As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. For example, the U.S.

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

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. When it comes to fraud threats, no company — large or small — is immune.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

PYMNTS

JUNE 20, 2018

Business scams are nothing new. This past week saw the Federal Trade Commission (FTC) announce a new law enforcement initiative that focuses on bad actors who seek to commit crimes against small businesses. Email attacks seem to be gaining ground. Of those surveyed, 81 percent said email attacks have been on the rise.

Scams 45

Scams Phishing Federal Trade Commission Wires 45

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. Cyberthieves email a company, generally in the U.S. billion from unsuspecting companies. billion from unsuspecting companies.

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FBI Scams Email Compromise Wire 40

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. with Hauser & Wirth, Simon Lee and Tony Karman as just a few of the scam’s recent targets.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. The company found that 58 percent of U.K. ” $1.4

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Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. $75,000 is the average loss of a BEC scam , new data from the FBI has revealed.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

OCTOBER 15, 2018

The scam entails a scammer posing as a legitimate business partner or vendor, claiming over the phone that the SMB owes them money, then demanding payment in the form of a Green Dot card. “This is a scam, pure and simple. “This is a scam, pure and simple. Last year, 113,000 incidents of macro malware hit U.S.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. million daily from companies individual victims. Targeting County Governments.

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

SEPTEMBER 8, 2020

80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

FEBRUARY 20, 2018

is calling for better protections against push payment scams, according to reports. The watchdog is calling for change in how banks handle this type of crime when it affects their customers. This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier.

Email Compromise 40

Email Compromise Scams Online and Mobile Banking Crime 40

PYMNTS

SEPTEMBER 9, 2019

It’s unclear whether AI voice mimicking will become the norm in cyberattacks, but what is certain is that these criminals are growing more sophisticated and experimenting with new technologies and tactics to commit their crimes. Now, Australia is looking to update and revamp its strategy to combat cyber crime.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

OCTOBER 2, 2018

Though Halloween is less than a month away, what we talk about concerning payments crime is positively … creepy. In the latest Data Drivers, David Divitt, vice president of financial crime products at Vocalink , told PYMNTS’ Karen Webster that there’s some light at the end of the tunnel when it comes to battling the bad guys.

Money Laundering 59

Money Laundering Crime Financial Crimes Business Email Compromise 59

PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. million because of mandate fraud, which, like the business email scam, involves a scammer emailing a supplier or business to trick them into making a payment into a fraudulent account. market calls “mandate fraud.”. on Monday (Oct.

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

PYMNTS

MAY 3, 2017

She pointed to what she described as a “ridiculous surge” in Business Email Compromise (BEC) scams as one example of how cybercriminals are landing in the B2B payments realm with their crimes. Business Email Compromise is just one pain point,” she noted.

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Faster Payments B2B Email Compromise Same Day ACH 45

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. The BEC scam can manifest in many forms. It is so easy for attackers to pull off these kinds of scams,” he said.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

APRIL 30, 2018

Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”

Email Compromise 59

Email Compromise Treasury Ransomware Wires 59

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Compromise 45

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. That comes in the wake of BEC scams that are growing as a threat to companies of all sizes and industries as they conduct B2B operations. firms have lost more than $5 billion to BEC scams.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

NOVEMBER 30, 2018

BEC Scams In Australia. The fraud is perhaps more commonly known as business email compromise (BEC). The site quoted Australian Competition & Consumer Commission (ACCC) Deputy Chair Delia Rickard, who stated, “It’s a scam that targets all kinds of businesses, including charities and local sporting clubs.

Business Email Compromise 49

Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

APRIL 14, 2017

But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam. I can imagine that by next January, when we collect the data for the next survey, the BEC scams will eventually see a drop,” he said. Only about 10 hands came up.”. “I It’s education and internal controls,” said Carlsson.

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AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

APRIL 26, 2018

According to Barclays , much of this loss is linked to crimes like account takeovers and business email compromise scams, in which fraudsters target SMBs’ B2B transactions to steal funds. On average, the cost of fraud on a small business hit $48,700. With the new research, Barclays is launching an initiative in the U.K.

Cybersecurity 40

Cybersecurity Email Compromise Small Business Account Takeovers 40

PYMNTS

NOVEMBER 17, 2020

As much as $1 trillion is lost to financial crimes annually, according to the World Economic Forum — and that does not begin to take into account the land grab that undoubtedly increased as so much more commerce and banking moved into the online realm over the past eight months. Spray And Pray. What Lies Ahead.

Authentication 78

Authentication Online and Mobile Banking Financial Crimes Mobile Banking 78

PYMNTS

APRIL 2, 2019

The scam wasn’t a one-off job, either. Fortune reports the fraudster, who pleaded guilty to the crime last month , was able to steal company funds from a range of businesses over the course of two years.

Email Compromise 59

Email Compromise Scams Correspondent Phishing 59

PYMNTS

JANUARY 30, 2020

By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes. “Communication doesn’t only mean sending an email or letter to warn of the possibility of such scams,” said McConaghy.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43