PYMNTS

OCTOBER 10, 2018

Rarely does the wire transfer come into play as an exciting, innovative payment rail ready to disrupt cross-border B2B payments. The wire transfer, made popular by Western Union more than 150 years ago, may not seem to be the most innovative rail. Thieves attempted to steal $5.3

Wire Transfer

PYMNTS

JANUARY 18, 2021

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

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

PYMNTS

JUNE 14, 2018

The next most prevalent activity was wire fraud, at 48 percent, followed by corporate fraud at 30 percent. As for other avenues, business email compromise showed up mightily, experienced by 77 percent of organizations in 2017. The grand jury stated that she was behind a $2.3

AFP

PYMNTS

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. Criminals can use the employer identification number (EIN) of active or inactive businesses to obtain fraudulent refunds, file fraudulent tax returns or file individual returns claiming refundable business credits.

Identity Theft

PYMNTS

SEPTEMBER 9, 2016

For example, faster file exchanges also mean that returns can happen more rapidly, reducing some fraud risks. That’s agnostic to whether it gets realized as a wire or ACH transaction,” Rojas said. By moving payments between FIs more frequently, counterparty hazards can also be reduced, and credit limits may be managed more robustly.

Same Day ACH