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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

billion in 2021 alone , according to the FBI’s Internet Crime Complaint Center. Institutions need clear escalation procedures that bypass normal channels. Local FBI offices and Secret Service units specialize in financial crimes, but they need quick notification and comprehensive documentation.

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FBI Warns Banks About Widescale ATM Cash-Out Scam

PYMNTS

The Federal Bureau of Investigation (FBI) has issued a warning to banks that cybercriminals are gearing up to launch a choreographed global scam, known as the “ATM cashout,” in which the bad guys hack a bank or payment card processor to make cloned cards that they can use to withdraw money from ATMs around the globe.

FBI
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Email Scammers Are Targeting B2B Firms In Today’s Work-From-Home Era

PYMNTS

told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 So-called “spear phishing” scams work particularly well in an environment where so many organizations are changing procedures and so many employees are working remotely, Reichel said. billion a year — and that seems to be growing. “We

B2B
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BEC Scams Nearly Double Over Three Years

PYMNTS

The latest report comes after an FBI Internet Crime Complaint Center announcement last year that BEC was a “$12 billion scam” and there was at that time, a 136 percent increase in identified “exposed” losses (which includes actual losses and attempted thefts). The pace seems to have quickened a bit. billion.

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AIs Impact on Corporate Finance

The Finance Weekly

He also shared his chart that gave emphasis on the benefits of AI to various fields such as: Productivity Tutorial for Tools Scenario Analysis Create Finance Procedures Write High- quality Emails In relation to ChatGPT, the focus lies on productivity enhancement.

AI
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Data Dive: Expanding Efforts — Good, Bad And Unpredictable

PYMNTS

If the Federal Bureau of Investigation (FBI) is right, a whole other bad idea is about to be unleashed upon our collective bank accounts. Krebs on Security cited a confidential alert that the FBI sent to banks late last week, saying that millions of dollars can be stolen in only a few hours.

FBI
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BEC Run Out Of Detention Center Nets Millions

PYMNTS

“We would encourage all businesses to develop systems to combat against scams, including scrutiny of email requests to transfer funds or change account details, and standard procedures to follow to protect against business email compromises.” ” The Larger Trends.