PYMNTS

OCTOBER 7, 2019

Separately, researchers at Agari are warning of Silent Starling, the newest cybercriminal ring using a Vendor Email Compromise (VEC) scam to steal company cash from supply chains. “VEC is the next evolution of business email compromise. . “VEC is the next evolution of business email compromise.

Scams 62

Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand.

Business Email Compromise 70

Business Email Compromise Scams Email Compromise FBI 70

PYMNTS

APRIL 2, 2020

Researchers said the findings underscore the acknowledgment that fraudsters are stratifying their methods to optimize returns by automating and scaling attacks. Automated attacks such as ransomware, business email compromise, and system-level takeover fraud, outpaced high-touch attack methods such as check fraud, the survey said.

Small Business 92

Small Business Email Compromise Ransomware Compromise 92

PYMNTS

JUNE 22, 2020

1 in 10 small businesses are able to cover more than 50 percent of fraud losses , the latest research from Bottomline Technologies revealed in its Bottomline 2020 Business Payments Barometer report. ” Coronavirus-related scams are on the rise, too, researchers found. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

SEPTEMBER 21, 2019

As lawmakers ponder this risk, PYMNTS highlights some of the newest data points uncovered by researchers examining small business cybersecurity. Information on phishing email or BEC scam campaigns, for instance, can be shared to help small businesses protect themselves before an attack occurs.

Data Breach 80

Data Breach Breach Small Business Business Email Compromise 80

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions. PYMNTS breaks down the numbers behind the latest cases below.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

PYMNTS

AUGUST 17, 2020

In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business email compromise (BEC) scam, as well as how they’re fighting back. When it comes to fraud threats, no company — large or small — is immune.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

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 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

FEBRUARY 24, 2020

Recent research suggests that businesses, including FinTech firms, racing to stay ahead of digital fraudsters’ schemes have further to go. The uptick in fraud, such as the Business Email Compromise, has continued to target areas like bank transactions, despite firms’ increased spending on anti-fraud measures, the survey found.

Automation 89

Automation Email Compromise On-Demand Research 89

PYMNTS

MAY 1, 2017

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

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. 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

FEBRUARY 24, 2020

In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

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 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

Checks 58

Checks Email Compromise Security Compromise 58

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. The publication, citing Agari research, warned that the tactic makes BEC scammers’ messages all the more convincing. Other attacks hit small businesses with demands as low as $1,500, researchers found.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

NOVEMBER 7, 2017

The Business Email Compromise (BEC) scam is jeopardizing millions of dollars for businesses of all sizes and industries. The case may set a precedent that adds another challenge on top of the existing threat of the Business Email Compromise, which, according to research, is a top tactic by fraudsters.

Scams 40

Scams Email Compromise Rules Business Email Compromise 40

PYMNTS

DECEMBER 17, 2019

The targets are procurement websites in which governments place notices for purchasing all sorts of products such as trucks and desks, IT World Canada reported, citing a report from The Anomali Threat Research Team. The scam begins when a company gets a bogus invitation via email to place a bid on a government contract.

Credential 40

Credential Scams Email Compromise Business Email Compromise 40

PYMNTS

OCTOBER 15, 2018

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. Researchers advised small business owners to not download any email attachments from an unnamed address.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

JULY 6, 2020

At the same time, however, new research from Harvard Business Review found that the percentage of businesses that actually report attempted or actual fraud is actually on the decline. These tactics often hit in the form of the business email compromise scams, the ACCC said, which are the most financially damaging to target companies.

Business Email Compromise 59

Business Email Compromise Email Compromise Scams Wires 59

PYMNTS

FEBRUARY 20, 2020

The study was done by researchers from North Carolina State University, the University of Missouri-Kansas City and the University of Chieti-Pescara in Italy. ” However, the research showed that CFOs aren’t always the ones behind fraud, and are sometimes pressured to take part.

Romance Scams 56

Romance Scams Email Compromise Business Email Compromise Phishing 56

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

SEPTEMBER 16, 2019

As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. As reported in this space, the funds are being siphoned off in attacks that mislead human resource (HR) professionals.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

JANUARY 18, 2019

As reported late this week in Dark Reading , and as estimated by security research firm Agari , efforts are “ramping up” wherein criminals look to “divert payrolls” of senior executives. A pair of studies have shown that companies are increasingly being targeted through methods both sophisticated and decidedly mundane.

Business Email Compromise 69

Business Email Compromise Scams Payroll Audit 69

PYMNTS

SEPTEMBER 9, 2019

50 percent of alerts received by cybersecurity experts are false-positives , new research from CRITICALSTART reveals. As a result, these professionals are beginning to tune out those alerts, raising the risk of missing an actual cyber threat, Health IT Security reports said last week.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

APRIL 30, 2018

” In a survey of treasurers, cash management professionals, CFOs and other professionals in the treasury department, researchers found that nearly two-thirds of respondents (61 percent) feel they are in a better position this year to combat fraud within their organizations compared to last year. “There is a lot more to be done.”

Email Compromise 59

Email Compromise Treasury Ransomware Wire 59

PYMNTS

JANUARY 21, 2021

Particularly stunning this year was the volume of business email compromise (BEC) attacks, which, according to the FBI, is already a $2 billion-a-year business. According to the FTC, Americans issued over 200,000 complaints and lost more than $145 million in COVID-related scams alone.

Email Compromise 72

Email Compromise Business Email Compromise FBI FTC 72

PYMNTS

MARCH 1, 2017

Research released only days ago from Centrify found that two-thirds of surveyed companies have experienced at least five security breaches in the past two years, while separate analysis from the Identify Theft Resource Center and CyberScout have pegged 2016 as a record year for cyberattacks in the U.S.

Cybersecurity 48

Cybersecurity Phishing Email Compromise Breach 48

PYMNTS

AUGUST 24, 2020

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. At the heart of BEC and other scams is impersonation. IT teams are already growing more concerned about this risk.

Deepfake 61

Deepfake Business Email Compromise Scams Multifactor Authentication 61

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. ” Beazley researchers found that the mean for ransomware attack demands was $10,310, though one incident saw a demand for $8.5

Ransomware 63

Ransomware Phishing Direct Deposit Business Email Compromise 63

PYMNTS

FEBRUARY 8, 2019

In looking at scams designed to steal money from unwitting victims, fraudsters have been taking advantage of the fact that Gmail (Google’s email offering) can ignore “extra” dots in an address. The policy is known as “dots don’t matter” and research firm Agari has found that business email compromise fraud has been exploiting the effort.

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. New research from RSM, which provides consulting services to middle-market firms, finds that U.K. 2), which highlighted RSM’s research, U.K. Earlier this year, TD Bank warned that this scam, known as the business email compromise in the U.S.,

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

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. While researchers at Tanium found last year that one-third of U.K.

Cybersecurity 56

Cybersecurity Visa Data Breach Small Business 56

PYMNTS

DECEMBER 8, 2020

According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam. Unfortunately, research reveals that corporates' own employees and business partners can often be at the heart of supply chain fraud and other scams. Finding The Culprit.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

MARCH 21, 2019

As researchers at Agari reported, business email compromise (BEC) attacks have been going mobile. As reported in Credit Union Times , the attacks are still done through email, but also look for mobile number details to “better coerce” intended victims to funnel funds to bad actors’ accounts. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Compromise 45

PYMNTS

MAY 8, 2017

In a warning to businesses covered by Reuters , the FBI said bad guys used email and pretended to be from real businesses to try and steal $5.3 The schemes are known as business email compromises. This is not a volume play; it’s a carefully researched play,” he told Reuters. Reuters also noted that the U.S.

FBI 41

FBI Wire Wires Email Compromise 41

PYMNTS

APRIL 10, 2019

The Association of Financial Professionals released new data this week that revealed the threat of payments fraud continues to climb, particularly for large enterprises, as scams like ACH fraud and the Business Email Compromise climb to record levels. But the latest analysis of U.S. Talent Management, Economic Disruption.

Risk 54

Risk Risk Mitigation Risk Management Data Breach 54