PYMNTS

SEPTEMBER 18, 2017

Hackers get the most bang for their buck by focusing on [the] wealthy,” Roderick Jones, chief executive of cybersecurity firm Rubica, Inc., Hackers can also pinpoint wealthier targets by sorting the stolen Equifax information by zip code, and then going after those customers with addresses in expensive neighborhoods.

Breach 66

Breach Risk Federal Trade Commission Data Breach 66

PYMNTS

SEPTEMBER 30, 2019

The operation also reportedly led to the recovery of about $118 million in fraudulent wire transfers linked to BEC scams. 80 percent of businesses have received at least one kind of BEC scam email last year , the BBB said in its latest report, noting that average BEC losses involving fraudulent wire transfers top $35,000.

Email Compromise 56

Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

DECEMBER 8, 2020

As NETSCOUT Area Vice President of Engineering, Threat and Mitigation Products Hardik Modi told PYMNTS, cybersecurity is now top of mind for many of these firms. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

DECEMBER 30, 2016

What cybersecurity threats will impact corporate buyers and suppliers in 2017? 2017 will see a continued rise in cybersecurity threats particularly around business email compromise , ransomware and malicious insiders. In addition, the battlefield is evolving.

Checks 58

Checks Email Compromise Security Compromise 58

PYMNTS

OCTOBER 1, 2020

A Medium post from Mitiga stated cybercriminals impersonated senior executives with Office 365 email services, used to access sensitive communications, alter wire transfers and redirect funds to rogue bank accounts.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

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 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

APRIL 30, 2018

While most agreed that the threat of fraud has increased, Strategic Treasurer found that treasurers and their teams are increasing investment in cybersecurity and anti-fraud measures, including security controls, cyber fraud insurance, transaction controls and cybersecurity technologies. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Ransomware Treasury Wire 59

PYMNTS

AUGUST 13, 2019

Included in the exposed data are bank account numbers, statements, tax and mortgage records, receipts for wire transfers, personal social security numbers and pictures of drivers’ licenses. KrebsOnSecurity reported the breach in May. This investigation is a non-public, fact-finding inquiry,” the letter said.

Breach 46

Breach Data Breach Wire Transfer Non-Bank 46

PYMNTS

JUNE 14, 2018

A new report from The National Cybersecurity Society (NCSS) published this week warns that business identity theft is an emerging threat for entrepreneurs and executives. Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. with more than 16,800 victims recorded in 2016.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

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. The BEC scam can manifest in many forms.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

AUGUST 13, 2019

Included in the exposed data are bank account numbers, statements, tax and mortgage records, receipts for wire transfers, personal social security numbers and pictures of drivers’ licenses. KrebsOnSecurity reported the breach in May. This investigation is a non-public, fact-finding inquiry,” the letter said.

Breach 43

Breach Data Breach Wire Transfer Non-Bank 43

Stax

JULY 9, 2024

ACH payments use sender and recipient banking account information to process transactions in one-to-three business days through the ACH network and have a lower cost than wire transfers (another EFT payment type). Businesses are encouraged to employ comprehensive cybersecurity practices to reduce risk.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

PYMNTS

MAY 4, 2016

That can mean fraudulent payments made using a business credit card, a compromise of payroll systems or unauthorized ACH and wire transfers. According to researchers, small businesses lost an average of more than $12,000 in 2015 due to back-office fraud. Collectively, analysts said the financial impact amounted to $3.1

Security 41

Security Wire Transfer Small Business Wire 41

PYMNTS

MARCH 27, 2020

Its technology also allows companies to accept payments made by card and receive funds through other rails like ACH, checks and wire transfers, while offering SMBs cash flow and payments analytics in real-time.

FinTech 72

FinTech Cross-Border Small Business Credit Cards 72

PYMNTS

JANUARY 9, 2019

While financial services (FinServ) innovations often emerge with built-in security measures, new market trends — including faster payments and open banking — are introducing new security threats to corporate treasury departments, according to cybersecurity company BioCatch.

Faster Payments 56

Faster Payments Business Email Compromise Treasury Real Time Payments 56

Clearly Payments

MARCH 4, 2024

With harvested data, perpetrators conducted unauthorized transactions, including wire transfers and credit card purchases, exploiting compromised accounts for financial gain. Elevated awareness of phishing scams and cybersecurity threats. Millions of dollars were pilfered through unauthorized transactions.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

JUNE 28, 2018

Another one, against Banco de Chile in May, cost about $10 million via fraudulent SWIFT wire transfers. Yet a blasé attitude about cybersecurity still reigns in Latin American, according to Federico De Noriega, a partner in the finance group at Hogan Lovells in Mexico City. Growing Awareness.

Security 40

Security Online and Mobile Banking SWIFT OFAC 40

PYMNTS

AUGUST 3, 2016

The second strategy involved so-called CEO fraud, in which the criminals hacked into the email accounts of corporate executives and requested money wire transfers. First, the criminals would hack into a supplier email account to send a fraudulent email to one of its corporate buyers and request payment to a certain account.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

EBizCharge

JULY 18, 2024

EDI vs EFT EFT , Electronic Funds Transfer, is a broad term for any electronic payment method, including ACH transfers, credit card payments, and wire transfers. Variety of Transfers: EFT includes a broader array of transactions, such as wire transfers, electronic checks, ATM withdrawals, and ACH payments.

ACH 52

ACH Transactions Payments Funds Transfer 52

PYMNTS

DECEMBER 18, 2017

Targets reportedly included a New York investment company that, according to court documents, received two requests for wire transfers totaling more than $100,000. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016. The sentence follows charges by the U.S.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

NOVEMBER 6, 2017

Criminals wait until a PDF invoice has been sent to a client, then swoop in and send another email to buyers telling them to disregard the previous email and invoice, and instead pay their bill via wire transfer into the attacker’s account. Attackers are doing the same when galleries make payments to artists, reports added.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

JUNE 27, 2016

prosecutors believe Locsin used websites, phone calls and other online means to illegally access the accounts and attempt to conduct wire transfers, purchase merchandise, change addresses and even add new cardholders.

Payments Data 40

Payments Data Identity Theft Wire Transfer Compromise 40

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 40

FBI Scams Email Compromise Wire 40

PYMNTS

SEPTEMBER 14, 2017

High-ranking executives and rank-and-file employees alike, if uninitiated, could be duped into sending funds via wire transfer or revealing information necessary for cybercriminals to pull off their fraudulent schemes,” Trend Micro warned in its report, as reported in the International Business Times.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

FICO

JANUARY 5, 2021

There is also excitement about converging fraud and financial crimes with cybersecurity, which only heightens the benefits. Be wary about making payments using wire transfers or bank transfers. The industry is looking more broadly at what areas can be converged.

Financial Crimes 52

Financial Crimes Crime Posting Scams 52

PYMNTS

JULY 22, 2019

Interlogic “fraudulently initiated wire transfers” at a time when CEO Najeeb Khan knew there weren’t sufficient funds to cover the transfers. Despite efforts to downplay the attack however, cybersecurity researcher Vesselin Bontchev, assistant professor at the Bulgarian Academy of Sciences, said the hack was a huge one. “To

Breach 40

Breach Security Law Enforcement Crime 40

PYMNTS

MAY 9, 2016

billion in losses due to crimes like unauthorized payments, fraudulent wire transfers or misuse of company credit cards. The firm published its 2016 Small Business Fraud Report , emphasizing the risks that small businesses face in back-office fraud. Each small business lost an average of $12,139 last year, amounting to a collective $3.1

Small Business 44

Small Business Wire Transfer Research Economy 44

PYMNTS

JUNE 16, 2016

The survey revealed that 77 percent of companies had been hit with an attempt at wire fraud in the last two years; 10 percent of them said they experienced a financial loss due to the crime. Wire fraud includes so-called imposter fraud, in which a criminal poses as a legitimate corporate executive and requests via email a wire transfer.

Wire 41

Wire Wires Crime Checks 41

PYMNTS

DECEMBER 7, 2017

Wire transfer was 46 percent of fraudulent activity. Yet, he noted, banks build into their profits margin an allowance for payments fraud, functioning almost like a loan loss reserve. Within the JPMorgan data, in 2016, fraud by payment type found critical mass in checks at 75 percent of fraudulent activity in the U.S.,

Security 40

Security Online and Mobile Banking Blockchain Credit Cards 40

Nanonets

FEBRUARY 8, 2024

Chaser If you aren’t collecting customer payments – like EDI payments or wire transfers -- in a timely manner, you’re jeopardizing your liquidity and putting your business under unnecessary strain. Users can categorize expenses, reconcile accounts, and generate reports all from QuickBooks. Start with this guide!

Payroll 52

Payroll Payment APIs and Integration Online and Mobile Banking Credit Cards 52

Fintech Labs Insights

MAY 12, 2017

This helps explain the enthusiasm for companies like cybersecurity specialist Trusona. Provides three-factor authentication designed for account openings, wire transfers, system administrator logins. Ending the Password Paradigm is near the top of everyone’s technology wish list. Provides free, two-factor authentication.

Authentication 14

Authentication Wire Transfer Wire Wires 14

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.

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40

The Fintech Times

MAY 21, 2025

Spotlighting AI Respondents revealed that they had experienced AI-based attacks, along with credit card, wire transfer, peer-to-peer payment, and check fraud, although the vast majority expressed concerns surrounding the development of AI in the fraud landscape.

Small Business 45

Small Business AI Wire Transfer Fraud Detection 45