PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. According to local Kentucky Today reports, $1.5

B2B

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

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. As the threat grows more sophisticated, so do cybersecurity initiatives. A payment method is only as secure as where you’re sending the money.

Business Email Compromise

PYMNTS

NOVEMBER 6, 2017

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. Attackers are doing the same when galleries make payments to artists, reports added.

Scams

PYMNTS

JULY 20, 2016

The email requests a wire transfer for goods or services, with a convincing enough note to not raise suspicion, and then, payment is made. According to reports published on Tuesday (July 19), Hong Kong is the epicenter of these business email scams, with fraudsters already nabbing (or attempting to steal) $3.1

FBI

Seon

JULY 27, 2023

The Federal Reserve has always allowed financial institutions to send and receive funds – including bill and vendor payments, deposits, and wire transfers – to one another on behalf of their customers. an employer paying an employee their wages) uses an app provided by their credit union to request the desired payment.

FedNow