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

VISTA InfoSec

MAY 12, 2024

To solve this problem, you must routinely inspect all POS hardware for signs of tampering, looking out for strange wires or additional devices attached to card readers or terminals. When used, these devices will collect payment details without the merchant’s knowledge, compromising customer data security.

PCI DSS

PYMNTS

APRIL 14, 2020

With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments.

Email Compromise

CB Insights

MARCH 4, 2021

As companies continue to transition to the cloud, cybersecurity remains a major concern amid growing cyber losses. However, companies have spent far less on cyber insurance than on cybersecurity as a form of cyber risk management. First name. Company name. Phone number.

Cybersecurity

PYMNTS

MARCH 23, 2016

Automaker General Motors is using feedback from the public on potential security risks to better understand its vulnerabilities and build up its cybersecurity initiatives. As the technology used to help make vehicles more connected and essentially “smarter,” so have the oncoming threats to the safety and security from cybercriminals.

Cybersecurity

PYMNTS

JUNE 25, 2020

Fraudsters have deployed a wide variety of methods when conducting these attacks, with 64 percent of banks seeing an increase in wire fraud transfers and 82 percent reporting increased instances of social engineering attacks. Deep Dive: The Cybersecurity Threats Facing Open Banking.

Financial Crimes

PYMNTS

OCTOBER 21, 2019

The issue first came to light in 2015 when an article in Wired showed researchers hacking a Jeep Cherokee SUV while it was driving. The digital bank is led by entrepreneurs Marius Nacht of cybersecurity company Check Point Software Technologies, and Amnon Shashua of autonomous driving developer Mobileye NV.

Cybersecurity

PYMNTS

SEPTEMBER 24, 2018

CEO fraud, which targets companies with foreign suppliers or using wire payments, also often relies on bad actors’ ability to fool innocent victims. Cybercriminals create fake email addresses that resemble those of CEOs or other trusted executives, then use them to trick other employees into completing unauthorized wire transactions.

AI

The Paypers

MARCH 24, 2016

(The Paypers) Cybersecurity Incident Response Team (CIRT-KY) has issued a public cybersecurity alert on wire transfer fraud by email.

Cybersecurity

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

PYMNTS

MAY 1, 2017

In the attack’s wake, SWIFT released its Customer Security Program, providing its bank clients a set of guidelines to follow and enhance their own cybersecurity capabilities. While the focus for some time had been on ACH and wire fraud, “no one had really focused a lot on the SWIFT network,” he said. “It

SWIFT

PYMNTS

FEBRUARY 1, 2021

An individual has pleaded guilty to wire fraud, bank fraud and money laundering charges. At least 44 percent of the 2020 data breaches examined in the report involved phishing or BEC scams, while 694 businesses reported having been impacted by cyberattacks on their supply chains last year.

Data Breach

PYMNTS

DECEMBER 1, 2020

18, and faces “one count of conspiracy to commit wire fraud, one count of conspiracy to commit bank fraud, and one count of conspiracy to commit money laundering,” the release stated. The promoters gave victims access to a supposed online AirBit Club portal that displayed false profits. Dos Santos was arrested in Panama City on Aug.

Bitcoin

PYMNTS

OCTOBER 15, 2018

AG Frosh’s warning pertained to a specific small-business cybersecurity threat. It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “This is a scam, pure and simple.

Ransomware

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. The attacker used Office 365 because of the reduced suspicion and to avoid malicious detection systems, according to the post.

Business Email Compromise

PYMNTS

JANUARY 15, 2019

Department of Justice charged Artem Radchenko, a Ukrainian resident accused of recruiting the traders, with computer fraud, wire fraud and other crimes. That raised concerns and criticism about the cybersecurity practices of the government agency. The SEC has filed civil charges against the defendants, noted Reuters.

Database

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

PYMNTS

FEBRUARY 24, 2017

Cisco’s 2017 Annual Cybersecurity Report (ACR) report revealed companies that suffer a data breach are expected to have customer, opportunity and revenue losses exceeding 20 percent. As more connected devices become available, the threat of RoT has the potential to become a pervasive and disruptive phenomenon, Wired reported.

Data Breach

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

Clearly Payments

JANUARY 25, 2024

Cybersecurity threats loom large, with data breaches and online fraud posing significant risks that demand robust security measures. increase, followed by EFT, wire transfer, and debit cards. However, amidst this rapid growth lie challenges that businesses must navigate. Overall, the use of cash and checks is decreasing quickly.

Process

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

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

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

PYMNTS

AUGUST 2, 2017

The data security flaw has been addressed in more recent versions of the Amazon Echo, Amazon told Wired in a news report. However, as an increasing number of hotels and offices deploy the Echo as a tool for convenience, the issue does raise some cybersecurity concerns.

Cybersecurity

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

Fintech Finance

DECEMBER 9, 2024

Director, Payments and Cybersecurity at Toshiba Global Commerce Solutions Smitha Purohit, Director of Product, Blockchain, Crypto, and Digital Currencies at PayPal Stacy Armijo, Chief Experience Officer at Amplify Credit Union Stephanos Papadopoulos, Founder & Chief Executive Officer at Spatzia.eu

Office of the Comptroller of the Currency

PYMNTS

SEPTEMBER 24, 2019

That comes in tandem with the launch of World Wire , which is an international payments system. There are World Wire payment locations across 72 countries. The project will enable advanced control and communications frameworks for enhanced cybersecurity. Cisco, Too.

Blockchain

PYMNTS

JULY 12, 2020

financial infrastructure by tracking fraudulent wire transfers, counterfeit checks and combating counterfeit currency,” the release states. Before the merge, cybercrime investigators required extra training to conduct computer forensic investigations, exams, trace internet addresses and collaborate with tech companies.

Financial Crimes

PYMNTS

MAY 11, 2018

Now, after three years of study, cybersecurity expert Patrick Traynor and two Florida graduate students invented the “Skim Reaper,” a credit-card thin gadget that slides into card reader slots and can easily and quickly detect if an ATM or gas pump has been tampered with. when multiple read heads are detected.

ATM

The Paypers

JANUARY 20, 2021

Atos has completed the acquisition of Canada-based cybersecurity consulting firm In Fidem , PR News Wire reports.

Wire

PYMNTS

JUNE 16, 2016

Perhaps more surprising, however, is that these attacks often emerge in the form of check and wire fraud — not the hypertechnical cyberhacks that make the news. Check And Wire Fraud. Data from the Federal Bureau of Investigation revealed that the average payout for a wire fraudster is about $130,000.

Wire

PYMNTS

DECEMBER 5, 2019

But the stats show the rise of a cottage industry (now focused on political figures, celebrities and, perhaps predictably, pornography) that could become a cybersecurity challenge, as seen from an identity verification perspective.

Deepfake

PYMNTS

APRIL 13, 2016

The number of cybersecurity incidents that did not report the exposure of identities increased to 113 in 2015, up 85 percent compared to the 61 identified in 2014. According to Wired U.K. ,

Ransomware

PYMNTS

MAY 1, 2017

The DoJ has since charged Rimašauskas with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft. billion in attempted wire fraud between October 2013 and May 2016. Additionally, research from Trend Micro found $1 billion total losses worldwide in 2016 due to BEC scams.

Scams

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. The security company reported that all the information was accessible without any need for authentication.

Breach

PYMNTS

APRIL 5, 2019

Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. The Great Trade-Off.

FBI

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. The email requests a wire transfer for goods or services, with a convincing enough note to not raise suspicion, and then, payment is made.

FBI