Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions. What is Business Email Compromise (BEC)?

Email Compromise

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Let’s look at what business email compromise attacks are and explore some of the many ways you can combat them. What Is a Business Email Compromise Attack? Reported losses in 2020 exceeded $4.2

Email Compromise

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. billion (or slightly over half) of all losses tracked in 2019. Instead, it targets a much weaker link: the employee who is using it.

Business Email Compromise

PYMNTS

AUGUST 3, 2020

” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

Fincen

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

PYMNTS

AUGUST 3, 2020

With real-time payments and settlement drastically diminishing the window of time in which financial service providers can detect and stop fraudulent activity, the development of such services must integrate security measures that can stop malicious activity before it starts. ” $4.13 Million Stolen In Reported Cyber Fraud Crime Ring.

B2B

The Paypers

OCTOBER 8, 2019

(The Paypers) The latest Email Security Risk Assessment (ESRA) from Mimecast (MIME) has found that there is a significant increase in Business Email Compromise (BEC) attacks.

Email Compromise

PYMNTS

AUGUST 24, 2020

This week's B2B Data Digest looks at the rising threat of the business email compromise (BEC) scam and invoice fraud on companies of all sizes in the U.S., Reports in Security Boulevard said that the 60 percent spike occurred in just three months, with the average payout being $178,254 for Q2 2020, compared to $111,605 in Q1.

Scams

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Securities and Exchange Commission issues a dire fraud warning. Securities and Exchange Commission issues a dire fraud warning.

Business Email Compromise

PYMNTS

FEBRUARY 1, 2021

40 legitimate email accounts of company executives have been compromised in a phishing campaign targeting businesses , according to Gov Info Security reports. The scam involves sending a phishing email claiming to be a Microsoft Office 365 update.

Data Breach

PYMNTS

OCTOBER 17, 2018

Securities and Exchange Commission (SEC) has issued a stern warning to public companies: tighten cybersecurity controls or risk being in violation of federal law. The companies, which each had securities listed on a national stock exchange, were in sectors including technology, machinery, real estate, energy, financial, and consumer goods.

Cybersecurity

PYMNTS

SEPTEMBER 11, 2019

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

PYMNTS

MAY 25, 2016

The Business Email Compromise is now a top concern for the enterprise and security providers alike, especially since regulators have released warnings against the crime. One startup wants to safeguard corporate email and has just received new venture capital to move forward with its efforts.

Email Compromise

PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. The phishing tool uses simulated attacks to test users and tracks how they reply.

Phishing

PYMNTS

OCTOBER 9, 2020

Spoof emails that impersonate healthcare companies looking to ensure that your coverage remains intact during the pandemic is one new way criminals are looking to gain unauthorized access to your personal data. And “IT departments” asking for passwords to help improve security while everyone works remotely is another, Reichel said.

B2B

Payments Source

JUNE 28, 2018

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

Email Compromise

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. The scams are also going for bigger dollar amounts overall, according to data from Abnormal Security, and the number of businesses reporting the fraud increased 36 percent.

Business Email Compromise

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. In total, about $104.5 million erroneous payment resulting from a BEC scam. .

Business Email Compromise

PYMNTS

JANUARY 18, 2021

With a second Paycheck Protection Program (PPP) on the way, small businesses have yet another chance to secure much-needed financial relief. Yet the new bill fails to address the gaps that allowed for fraudulent activity among some businesses that had secured PPP loans in the first round of stimulus, the publication alleges.

Scams

PYMNTS

MARCH 23, 2020

“Another side effect of the Coronavirus is increased teleworking, which furthers the reliance on email for communication adding yet another multiplier to these email fraud schemes,” the U.S. Secret Service Department of Homeland Security wrote in a warning published earlier this month.

Email Compromise

PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. Internet scammers, by nature, are a resourceful lot.

Scams

PYMNTS

JUNE 22, 2020

37 percent fewer BEC attacks targeted the C-Suite in Q1 , according to new data from Abnormal Security. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. ” $1.4

Checks

PYMNTS

SEPTEMBER 21, 2019

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Paying closer attention to suspicious emails. Department of Homeland Security. Stronger passwords. Using public wi-fi with caution and safeguarding mobile apps.

Data Breach

PYMNTS

SEPTEMBER 17, 2018

In Australia, news came that police have charged a quartet of alleged fraudsters with running a business email compromise (BEC) scam. In terms of data illuminating larger trends, the National Cyber Security Alliance found that roughly 50 percent of smaller firms have been victim of a cyberattack. ” The Larger Trends. “We

Business Email Compromise

PYMNTS

NOVEMBER 21, 2019

KPMG is rolling out a new payments security solution targeting B2B payments fraud, the company said Thursday (Nov. A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel.

B2B

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.

Business Email Compromise

PYMNTS

OCTOBER 12, 2020

Traditional channels for choosing the right security solutions include searching through hundreds of companies on Google, attending trade shows and conferences or dealing with constant cold calls and cold emails from security company sales reps,” said Armistead Whitney , CEO of Apptega , which recently launched CyberXchange.

Cybersecurity

PYMNTS

JANUARY 16, 2020

The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. Electronic payment technologies, too, are increasingly focused on security and fraud mitigation efforts. Beyond The BEC.

Business Email Compromise

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

PYMNTS

JANUARY 13, 2020

Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. This week, cybersecurity publication Naked Security reported that $6 million was stolen from a New York company via invoice fraud.

B2B

PYMNTS

APRIL 13, 2020

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. “The number of cyberattacks against organizations and individuals is significant and is expected to increase,” Europol’s announcement stated.

Business Email Compromise

PYMNTS

SEPTEMBER 10, 2019

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

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

MARCH 6, 2020

A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. 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. and hoping to expand into Europe. At the same time, the U.S. Mailprotector.

B2B

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

JULY 24, 2018

Google has claimed a success in its fight against employee phishing scams , telling reporters that none of its more than 85,000 employees have fallen victim to such a scam since the company deployed its Security Keys program. “Users might be asked to authenticate using their Security Key for many different apps/reasons. .

Phishing

PYMNTS

MARCH 28, 2018

Compromise Security For Customer Experience. Sometimes that comes as a tradeoff with security.”. The checkout experience, for example, can come riddled with hurdles for a customer passing through multiple layers of authentication and security. They’re attacking your customers directly.

Security