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Business Email Scams’ Latest Target: Art Galleries

PYMNTS

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. According to the publication, scammers using the BEC, in which a fake invoice is sent to a company with request for payment, have stolen “large sums of money” from art galleries in the U.K.

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Corporates Brace For BEC Scam Ramp-Up

PYMNTS

Unlike the BEC, the VEC scam involves a cybercriminal infiltrating a vendor’s email account to send a request for payment (whereas the BEC scam often involves fake, although similar, email addresses and messages). explained means “a return to the dark days of blameless victims losing their life savings to this devastating crime.”

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FBI Pinpoints ‘Ground Zero’ For Supplier Email Scams

PYMNTS

Authorities say cybercriminals are becoming more sophisticated with the crime, too, with rising instances of executives at legitimate trading companies having their emails hacked to send the requests for payment. Businesses across 100 countries have been affected; reports of the scam in 2016 are already up by 270 percent.

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When Email Becomes SMBs’ Biggest Security Threat

PYMNTS

For instance, fraudsters can infiltrate the email systems of a firm’s legitimate suppliers to send emails from those vendor domains with a request for payment. The effects of this crime are far-reaching, and the dollar amounts involved are staggering,” said FBI Director Christopher Wray in a statement last September about the BEC scam.

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Real-Time Payments & Fraud – What Can be Done?

FICO

In my last post I wrote about the fraud and financial crime problems the USA is likely to encounter as real-time payments increase in both value and volume. In countries such as the UK, real-time payment schemes have been ubiquitous for many years. Emergency payment policies. What Banks Can Do. Remove silos.