PYMNTS

OCTOBER 1, 2020

Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. According to a PYMNTS report, there were 33 percent more ransomware payments made by businesses during the first quarter of 2020.

Business Email Compromise

PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud.

Business Email Compromise

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. in recent years.

Business Email Compromise

PYMNTS

SEPTEMBER 8, 2020

949 gigabytes of confidential data have been accessed by ransomware attackers targeting IT distributor Ma Labs , reports in CRN said, an attack that has stalled the company's operations and left its customers in limbo. million per targeted attack. According to Stuff.co.nz Bottomline is now hoping to lower that U.K.

Business Email Compromise

PYMNTS

APRIL 4, 2019

The latest research in small business cybersecurity has revealed the relentless nature of the threat, with new strategies emerging and new strains of ransomware rearing their ugly heads. As a result, 71 percent of ransomware attacks are now targeting small businesses, according to a report released by Beazley Breach Response (BBR).

Ransomware

PYMNTS

SEPTEMBER 13, 2018

Issues like phishing and the Business Email Compromise (BEC) are top concerns, yet ransomware cannot be ignored as a destructive force. Of MSPs surveyed, about 75 percent said their SMB customers experienced “business-threatening” downtime as a result of a ransomware attack, said Datto’s chief technology officer, Robert Gibbons.

Ransomware

PYMNTS

APRIL 30, 2018

With a threefold increase in the number of corporates who had been hit by a ransomware attack in the last year compared to a year prior, corporate treasurers have been forced to swallow the large, uncomfortable pill of the threat of cyberattacks and fraud on their organizations in a short amount of time. “There is a lot more to be done.”

Email Compromise

PYMNTS

SEPTEMBER 14, 2017

Employees certainly need more training to be able to detect a business email compromise (BEC) when they see one. Here’s the problem: The professional who falls victim to eInvoice scams like the business email compromise is, more often than not, a C-Suite executive. Additional Attacks Putting the Enterprise at Risk.

Scams

PYMNTS

DECEMBER 30, 2016

Mike Vigue, vice president, product strategy, cyberfraud and risk management at B2B payments firm Bottomline Technologies , warns that ongoing use of paper checks, fraudulent emails and general ignorance of cyberthreats will continue to place businesses — and their payment activities — at the center of thieves’ targets.

Checks

PYMNTS

FEBRUARY 24, 2020

This week’s B2B Data Digest takes a look at the latest data points behind more cases of B2B payments fraud. 41 percent more ransomware attacks were initiated last year , the New York Times reported, citing data from Emsisoft, with 205,280 businesses losing access to their data as a result.

Business Email Compromise

PYMNTS

OCTOBER 12, 2020

Adhering to these ever-changing protocols is no easy task, Whitney said, pointing to one common security framework used by the payment card industry known as PCI as an example.

Cybersecurity

PYMNTS

AUGUST 8, 2018

Warnings from the Federal Bureau of Investigation have enterprises worried about cybersecurity — specifically, concerns about ransomware attacks. Business Email Compromise scams continue to grow and steal more corporate money than ever before. Compare that to ransomware, which made up just 11 percent.

Ransomware

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. Other companies were less prepared and expected to struggle to process invoices and miss some payments.

Scams

PYMNTS

SEPTEMBER 14, 2020

B2B Software-as-a-Service company Blackbaud recently notified its customers that in February of this year it fell victim to a ransomware attack and was not aware of the issue until about three months later.

Breach

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. A Proliferating Threat.

Phishing

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

Cybersecurity

PYMNTS

MAY 2, 2019

Twenty-nine percent said payment data was compromised, while nearly one-quarter said proprietary company data was exposed. Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. million business email compromise scam.

Data Breach

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

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. million vendor payments from the Cabarrus County government and that of that tally, $1.7 The conspirators then waited for the county to transfer the next vendor payment. Targeting County Governments.

Business Email Compromise

PYMNTS

JUNE 20, 2018

As many as 35 percent of firms were hit by ransomware attacks, and when ransoms were demanded, 12 percent opted to pay up. Want more proof of email as a favorite scamming tool? Department of Justice said it had arrested 74 individuals who allegedly committed fraud via business email compromise scams.

Scams

PYMNTS

JULY 26, 2017

Phishing, ransomware, business email compromises, data theft and denial-of-service tactics can be especially harmful to FIs, and not only threaten the bank, but put the FI’s entire supply chain at risk, too.

OCC

PYMNTS

MAY 5, 2017

In the travel technology company’s Q1 earnings filing , Sabre wrote that they are “investigating an incident involving unauthorized access to payment information contained in a subset of hotel reservations processed through the Sabre Hospitality Solutions SynXis Central Reservation system.”. Ransomware, Cyberespionage On The Rise.

Breach

PYMNTS

MAY 7, 2018

Accelerating payments mean financial institutions have less time to identify fraud before a transaction clears and settles. In corporate payments, while fraud is typically linked to wire and checks , the rise in Business Email Compromise (BEC) and account takeovers means ACH fraud is a growing threat, same-day or not.

Same Day ACH

PYMNTS

JANUARY 30, 2017

Many, researchers noted, were the result of CEO phishing attacks, a strategy known as the business email scam, which convinces a business employee to make a payment to a seemingly legitimate bank account. 2 businesses are joining together to protect government payment data: Mastercard and Oversight Systems.

Data Security

PYMNTS

JUNE 21, 2019

In Florida, The New York Times reported on Thursday (June 20), government officials of Riviera Beach voted to pay nearly $600,000 worth of ransom to hackers, just weeks after Baltimore paid $18 million for a similarly crippling ransomware cyberattack against government systems. ” Australia’s SMB Scam Surge. In The UK, Too.

Governance

PYMNTS

JUNE 1, 2017

While the WannaCry ransomware attack, which hit hundreds of thousands of computers across 150 countries, was a wake-up call for companies everywhere without adequate cybersecurity measures, these incidents are becoming less of a surprise – less a shock, and more of a reminder that companies need to double-down on their security efforts.

Cybersecurity