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Fraudsters Try New Spins On The BEC Scam

PYMNTS

BEC is not the only cyberattack causing corporate losses, however, as ransomware threats continue to ramp up as well. Below, PYMNTS explores the numbers behind the latest cases of B2B payments fraud — from attacks targeting government entities to banks’ struggle in managing the fraud threat from real-time payments.

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NACHA Talks Faster Payments, CHOICE Act At Capitol Hill Day

PYMNTS

The WannaCry ransomware attack demanded that victims pay ransom in bitcoin. Faster Payments Task Force. NACHA is on the steering committee for the Faster Payments Task Force, which releases its final report in July. Faster payments protect organizations and the individuals they employ.

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Cyberattackers Go Global To Steal Company Cash

PYMNTS

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. The solution is an overlay service, which is mandated for the U.K.'s

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TRENDING: Putting IT Professionals Through Cyberattack Boot Camp

PYMNTS

The recent Equifax data breach and a string of ransomware attacks in Europe have raised several questions around cybersecurity. The November edition of the PYMNTS Faster Payments Tracker™ , powered by NACHA, examines the latest efforts by businesses and governments to make faster payments both more widely accessible and secure.

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Treasurers Overconfident On Cyber Defenses

PYMNTS

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.”

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FBI Sets Sights On Payroll Fraud Scheme

PYMNTS

Ransomware is in there, of course, where a methodology shift is underway — i.e. criminals are less random in their approach and now target specific companies and individuals. In addition, said Europol, instant payments reduce the time financial institutions (FIs) have to intervene in a transaction and may challenge detection.

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With Same-Day ACH, You’d Better Have Same-Day Fraud Detection

PYMNTS

Despite this, nearly a fifth said they had endured losses due to check fraud, 29 percent said they endured losses due to wire fraud, and there was a more than threefold increase in the percentage of businesses that experienced a ransomware attempt. payments system, corporates have to act quickly. False Sense of Protection.