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Why The Data Breach Decline Is Bad News For Businesses

PYMNTS

But the statistic is no cause for celebration: according to the report, the decline in data breaches can be attributed to the fact that cybercriminals are instead turning their attention toward Business Email Compromise (BEC) scams that target company accounts payable departments.

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Helping FIs Separate The 'Reality Of Fraud Protection' From Perception

PYMNTS

In a podcast interview with PYMNTS, Andy Renshaw , vice president of product at Feedzai , said that an integrated approach to anti-money laundering efforts, fraud prevention and cybersecurity can stymie the bad guys’ best efforts — and even improve financial institutions’ (FIs’) reputations in the process. . .

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Email B2B Scams Cost $26B Over Last Three Years

PYMNTS

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation.

Scams 65
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COVID-19 Scams Target The Business Community

PYMNTS

The individual is accused of conspiring to open bank accounts in the state for fraudulent companies in order to perpetuate the business email compromise (BEC) scam, which involves issuing fake invoices to companies' accounts payable departments. The individual pleaded guilty to wire fraud and money laundering conspiracy.

Scams 87
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Google And Facebook Scammed Out Of $100M

PYMNTS

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. The DoJ alleges that the man, Evaldas Rimašauskas, used a business email compromise (BEC) scam to trick Facebook and Google into paying fake invoices, impersonating manufacturer Quanta Computer.

Scams 47
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Understanding the Entity Approach to Financial Crime Management

Fraud.net

Transform financial crime management, by shifting from transactions to entities to combat money laundering and enhance compliance.

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Scammers Love Bitcoin, But Consumers Aren’t So Enthusiastic

PYMNTS

Attorney’s Office for the Southern District of New York charged four operators of a purported international digital-currency “Ponzi scheme” with money laundering and fraud. A month earlier, the U.S.

Bitcoin 93