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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Business email compromise attacks cost organizations $2.4 Institutions need clear escalation procedures that bypass normal channels. Future-Proofing Against Evolving BEC Threats Deepfake technology brings new challenges. Success requires combining technical controls, human awareness, and operational procedures.

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Deepfakes Threaten To Become The New BEC Scam

PYMNTS

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. Even for businesses that have yet to be targeted in a deepfake attack, Sadler emphasized the importance of proactive efforts.

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Toyota Unit Loses $37M To Vendor Payment Fraud

PYMNTS

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.