PYMNTS

JANUARY 30, 2017

Health care entities and government agencies, too, are at risk for their data security. We take a look at some statistics around the ITRC and CyberScout’s latest report, as well as new data on government and health care data management practices. 1,093 data breaches hit entities in the U.S. Researchers found that businesses saw 45.2

Data Security 54

Data Security Government Governance Data Breach 54

PYMNTS

JANUARY 18, 2021

government's inability to curb the risk of fraud that emerged during the first round of PPP funding. According to reports, those arrested include CEOs, accountants and managing directors, with a total of more than 6,600 fraudulent entities unearthed in government investigations. But new concerns are mounting over the U.S.

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

PYMNTS

OCTOBER 9, 2020

Malware masquerading as an attachment in an official email from the government or a company executive is another favorite scam right now. These emails often suggest that important information about COVID-19 or one’s job is attached. Business Email Compromise. Ransomware And Malware.

B2B 116

B2B Phishing Ransomware Scams 116

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. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K.,

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Below, PYMNTS explores the numbers behind the latest cases of B2B payments fraud — from attacks targeting government entities to banks’ struggle in managing the fraud threat from real-time payments. The city was hit with the ransomware attack on Dec.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . Then there’s the focus fraudsters are training on government assistance to individuals, families and businesses, a pandemic-specific trend. . “A

Money Laundering 111

Money Laundering Email Compromise AML Fraud Prevention 111

PYMNTS

MARCH 6, 2020

South Carolina’s Mailprotector offers customers email security and encryption technology designed for businesses, governments and nonprofits. In the meantime, PYMNTS gathered up a shortlist of the B2B FinTechs that were able to secure new funding as backers prepare for their next wave of support. Mailprotector. Chqbook.com.

B2B 80

B2B FinTech MSPS Email Compromise 80

PYMNTS

SEPTEMBER 23, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that malware, phishing schemes, extortion and business email compromise are in fact all on the rise. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace. British banks spend upward of £6.7

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. million, a reflection of how B2B invoices can be used to defraud government entities, too.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

DECEMBER 17, 2019

An unidentified group is reportedly putting much effort into a complicated scam to steal the login credentials of government personnel. The scam begins when a company gets a bogus invitation via email to place a bid on a government contract. Spoofed phishing site domains are hosted in Turkey and Romania.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

FEBRUARY 24, 2020

2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. The scam involved an email claiming a new bank account connected to remittance payments.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

SEPTEMBER 9, 2019

In response, however, cybersecurity companies, businesses, and government officials are similarly exploring new strategies to combat this threat. Other tactics include strategic investment in cybersecurity, government-led initiatives, and technological innovation — all in an effort to stay ahead of bad actors.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. government has given companies a 30-day window to confess to furlough fraud, reports noted. ” The U.K.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wire 59

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

OCTOBER 12, 2020

For example, the 350,000 companies that have contracts with the Department of Defense will soon have to comply with a new mandate known as Cybersecurity Maturity Model Certification (CMMC) if they want to continue doing business with the government.

Cybersecurity 83

Cybersecurity B2B Email Compromise Business Email Compromise 83

PYMNTS

OCTOBER 7, 2020

The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist.

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

APRIL 28, 2019

Do not fall for scammers who impersonate officials from China and ask victims to transfer money using bitcoin machines,” Singapore police warned, adding, “No government agency in Singapore will demand payment over the telephone or other social messaging platforms, such as WeChat or Facebook, or demand that you surrender cash to unnamed people.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

SEPTEMBER 8, 2020

80,000 is now the average amount phishers demand from their business email compromise targets , according to new research from the Anti-Phishing Working Group (APWG) in its second-quarter 2020 Phishing Activity Trends Report. million per targeted attack.

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69

PYMNTS

FEBRUARY 3, 2020

The accused allegedly tapped a network of 49 shell firms for the business to business (B2B) scam that defrauded the government. Daya Shankar Kushwaha was arrested by tax officers in New Delhi for allegedly using fake invoices worth over Rs 1,200 crore to get tax benefits, according to reports on Monday (Feb.

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

APRIL 4, 2019

Meanwhile, instances of the Business Email Compromise (BEC) are also on the rise: About 47 percent of all incidents examined last year were the result of a hack or malware — and, of those, about half were BEC scams. New Attacks Emerge. ” Neither revealed whether they plan to pay the ransom, reports noted.

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

JULY 15, 2019

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. That fraud spans, among other methods, misuse of government credit cards and procurement payments, reported itnews.com.

Business Email Compromise 43

Business Email Compromise Email Compromise Payroll IRS 43

PYMNTS

OCTOBER 26, 2018

BEC, the acronym for business email compromise scams, is getting its share of attention. The SEC may urge caution, but victimization continues, even at the government level. city government. The theft happened in July of this year and is being investigated by the Treasury Department.

Business Email Compromise 49

Business Email Compromise Scams Cybersecurity FBI 49

PYMNTS

APRIL 29, 2019

The SEC has also targeted the growing threat of cyberattacks against small businesses, with the Business Email Compromise a particular focus for the government agency. Last year, SEC Chairman Jay Clayton announced plans to explore allowing individuals the opportunity to invest in non-public companies.

Small Business 43

Small Business Email Compromise Laws Scams 43

PYMNTS

FEBRUARY 16, 2018

government has been working hard to combat Russian cybercriminals targeting U.S. The business email compromise scam saw an increase of 10 percent during those two years. That data suggests Russian targets are as susceptible as the U.S. and other jurisdictions when it comes to cyberattacks, but the U.S. Late last year, the U.S.’

Email Compromise 40

Email Compromise Debit Card Credential Scams 40

PYMNTS

AUGUST 12, 2019

Business email compromise has come to high school sports. Anecdotal evidence pf questionable spend includes examples spanning invoices for IT equipment five times the market price, payments for expired contracts and invoices from debarred suppliers (contractors that the government will no longer work with).

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Targeting County Governments. million vendor payments from the Cabarrus County government and that of that tally, $1.7 million remains missing.

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

APRIL 14, 2017

A government mandate to adopt the new payments system in Europe has forced change in the way businesses make payments. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS. There’s a cost associated to it, and that cost is not small. In the U.S.,

AFP 40

AFP B2B Business Email Compromise Email Compromise 40

PYMNTS

NOVEMBER 13, 2020

billion to business email compromise (BEC) scams last year, for example, and global businesses losing approximately $26 billion between June 2016 and July 2019. Fraudsters perpetrating these schemes send emails that convince firms to wire money into fraudulent accounts. companies losing roughly $1.77

Cross-Border 64

Cross-Border Wire Transfer B2B Wire 64

PYMNTS

JUNE 14, 2018

As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017. The former government employee and her son, Michael Greene, were under federal indictment four years ago for misusing government credit cards to the tune of $200,000 in improper purchases.

AFP 41

AFP Accounts Wire Wires 41

PYMNTS

JUNE 20, 2016

Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment. The business email compromise has created more than 22,000 cases in the U.S.

Email Compromise 41

Email Compromise Bitcoin APACS Wire Transfer 41

PYMNTS

NOVEMBER 30, 2018

The fraud is perhaps more commonly known as business email compromise (BEC). The former official had pleaded guilty to a single count of conspiring to commit money laundering, and took bribes from brokerage firms to sell dollar-denominated bonds for the government, said the newswire. Trade Invoicing Fraud.

Business Email Compromise 49

Business Email Compromise Scams Money Laundering Email Compromise 49

PYMNTS

JANUARY 23, 2017

percent) were hacking/skimming/phishing attacks, many of which are business email compromises, in which a hacker sends a seemingly legitimate email requesting that a company pay money. The report found that more than half of these breaches (55.5

Risk 43

Risk AFP Identity Theft Email Compromise 43

PYMNTS

MAY 3, 2019

The waves of business email compromise (BEC) scams continue, with certain verticals seemingly marked by fraudsters. In a view of how fraudulent activity can hit government agencies, ScienceAlert reported that a supplier had been sending faulty aluminum parts to NASA , and falsifying reports for decades.

Business Email Compromise 43

Business Email Compromise Scams Email Compromise Wire 43

PYMNTS

MAY 12, 2017

When consumers can’t open a bank account or access government services online without feeling anxiety, we’ve got a problem.”. FBI Sees Wire Fraud Via Email Grow In 2016. From October 2013 through December 2016, a new report from the FBI suggests cybercriminals used business email compromise (BEC) scams to try and steal some $5.3

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

JANUARY 30, 2020

. “In many Asian jurisdictions, the real-time platforms have already been extended to businesses and governments,” McConaghy said. “The [fraud] risks are actually heightened in these ecosystems, as the payouts are potentially larger.”

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam.

Cybersecurity 40

Cybersecurity Data Breach Assessments Breach 40

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb.

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58