Remove Crime Remove Email Compromise Remove Scams
article thumbnail

Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Attorney Audrey Strauss described the scam as "a new twist on an old trick" through the use of "complex technology.".

Scams 119
article thumbnail

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. Since the Internet Crime Complaint Center (IC3) began tracking BEC and its variant, e-mail account compromise (EAC), there has been more than $3.7

article thumbnail

FinCEN Warns Of COVID Scams Targeting FIs, Consumers

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

Fincen 88
article thumbnail

FBI, BBB Sound Another Business Email Compromise Alarm

PYMNTS

companies via the Business Email Compromise scam, reports in The East African said last week. Through Operation reWired, we are sending a clear message to the criminals who orchestrate these Business Email Compromise schemes that ‘I will keep coming after you, no matter where you are.’”.

article thumbnail

The Big Spike In ‘CEO Fraud’

PYMNTS

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5

article thumbnail

Even Steel Bars Can’t Keep Internet Scams In Check

PYMNTS

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. He had access to both the internet and to his phone.

Scams 87
article thumbnail

How B2B Payments Fraud Hides Within The Enterprise

PYMNTS

In this week’s B2B Payments fraud roundup, PYMNTS examines the latest news as scams target the enterprise from both within and outside of company walls. Million Stolen In Reported Cyber Fraud Crime Ring. “Also remember to ring a number you know to be from the company, do not ring the number stated in the email request.”

B2B 131