PYMNTS

FEBRUARY 23, 2020

Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. billion was lost in 2019 from similar scams, according to the Federal Bureau of Investigation (FBI), up from roughly $1.3

Scams 70

Scams Wire Transfer FBI Wire 70

PYMNTS

APRIL 9, 2019

A new type of phishing scam targets the HR departments of companies and asks for reroutes on direct deposit accounts, CNBC reported. KVC Health Systems, a child welfare nonprofit based out of Kansas City, has been hit with the scam. Last year, the Internal Revenue Service warned that scams like this were on the rise.

Direct Deposit 83

Direct Deposit Scams Wires Wire 83

FICO

MARCH 29, 2020

Bear in mind fraudsters may be going door to door for scams such as disinfecting homes to gain access to a home. Be aware of pandemic-related scams such as buying face masks, or fake funding sites purporting to be collecting money for people that have lost their jobs. When in doubt, Google the seller’s name + the word “scam”.

Scams 92

Scams Tax Refunds Phishing Wire Transfer 92

PYMNTS

DECEMBER 17, 2020

The “stimulus” scams are already out there, reports NBC News. This scam is a new twist on those we’ve been seeing much of this year.”. Stimulus scams have been running all year , as have COVID-connected attempts to heist consumers’ funds. PIRG Education Fund, told CNBC. “We We all need to be on our guard.

Scams 84

Scams IRS Federal Trade Commission FTC 84

VISTA InfoSec

FEBRUARY 25, 2024

Payment Information This encompasses full credit/debit card numbers, card verification codes, expiration dates, billing addresses, bank/routing account details, wire transfer logs, and other payment information. Accidental data leaks by insiders mishandling information also trigger breaches frequently.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

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. counterparts are not available.

Wire Transfer 46

Wire Transfer Wires Wire Cross-Border 46

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. BEC scams have been surging in 2020, with a 200 percent increase in reports between April and May this year, PYMNTS reported.

Business Email Compromise 73

Business Email Compromise Scams Email Compromise Wire Transfer 73

PYMNTS

JANUARY 18, 2019

Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.

Business Email Compromise 69

Business Email Compromise Scams Payroll Audit 69

PYMNTS

JUNE 12, 2018

and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. million and the caused the disruption and recovery of about $14 million in fake wire transfers. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Scams 60

Payments Source

JUNE 18, 2020

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.

Wires 82

Wires Wire Wire Transfer Scams 82

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

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.”. Department of Justice has announced a recent crackdown against people behind this email scam. Federal Bureau of Investigation.

Scams 65

Scams Email Compromise Compromise Wire 65

PYMNTS

OCTOBER 19, 2020

Peer-to-peer (P2P) payment apps have gained ubiquity over the past decade, supplanting or replacing cash transactions, personal checks or wire transfers for payments between individuals or sometimes even small businesses. We split out scams and frauds,” he explained in a recent interview with PYMNTS.

Zelle 68

Zelle Scams AI CashApp 68

PYMNTS

MARCH 2, 2018

Imposter scams, which involve someone impersonating a family member or someone in authority, were the third most common consumer complaint. And consumers said they lost significantly more money to imposter scams – a total of $328 million – than to any other scam.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

PYMNTS

JANUARY 13, 2020

This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

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., according to recent reports from The Guardian.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

FICO

JUNE 28, 2021

Then, “I can’t help you wire the money, sir,” the branch manager calmly responds. This is a scam. A YouTube Star Investigates the “Double Zero” Scam. In fact, this type of scenario is real, and scams like this are playing out around the globe. This article (a podcast is also available), “Who’s Making All Those Scam Calls?”

Scams 52

Scams Wires Wire Best Practices 52

PYMNTS

NOVEMBER 13, 2020

Many firms still process cross-border transactions through wire transfers. A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

Cross-Border 64

Cross-Border Wire Transfer B2B Wire 64

FICO

FEBRUARY 19, 2020

These schemes compete with each other and want to take business from wire transfer schemes such as FedWire and CHIPS. Users of wire transfer schemes can find them difficult to set up and expensive to use, but higher transaction values are important to them.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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. Agari said the payroll diversion scams are on the rise and are gaining traction as a result of social engineering.

FBI 69

FBI Direct Deposit Wire Transfer Payroll 69

PYMNTS

NOVEMBER 6, 2017

Scammers deploying the Business Email Compromise (BEC) scam have proven no company, regardless of size and industry, is immune to this crime. with Hauser & Wirth, Simon Lee and Tony Karman as just a few of the scam’s recent targets. Attackers are doing the same when galleries make payments to artists, reports added.

Scams 43

Scams Business Email Compromise Email Compromise Wire Transfer 43

PYMNTS

AUGUST 3, 2016

The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. One Business Email Compromise scam in particular resulted in $15.4 million stolen, according to reports. were all targeted by the gang of cybercriminals. China and Europe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

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. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

JULY 20, 2016

A new notice from the FBI continues its crackdown of the scheme and pinpoints what reports call “ground zero” for the scam. According to reports published on Tuesday (July 19), Hong Kong is the epicenter of these business email scams, with fraudsters already nabbing (or attempting to steal) $3.1

FBI 40

FBI Scams Email Compromise Wire 40

PYMNTS

JULY 12, 2020

As a result, the Secret Service has disrupted hundreds of online coronavirus-related scams, investigated cyber fraud cases, put a stop to sales of stolen COVID-19 test kits, prevented tens of millions of dollars in fraud from occurring and is leading the nation’s effort to combat unemployment payment fraud, the Secret Service said in the release.

Financial Crimes 85

Financial Crimes Counterfeit Check Crime Wire Transfer 85

PYMNTS

SEPTEMBER 30, 2019

companies via the Business Email Compromise scam, reports in The East African said last week. The FBI has been vocal in recent years about the growing threat and subsequent damages linked to the Business Email Compromise (BEC) scam, which targets accounts payable departments in an attempt to steal company cash.

Email Compromise 56

Email Compromise FBI Compromise Business Email Compromise 56

PYMNTS

OCTOBER 15, 2018

The scam entails a scammer posing as a legitimate business partner or vendor, claiming over the phone that the SMB owes them money, then demanding payment in the form of a Green Dot card. “This is a scam, pure and simple. “This is a scam, pure and simple.

Ransomware 77

Ransomware Online and Mobile Banking Small Business Scams 77

PYMNTS

SEPTEMBER 14, 2017

The problem persists, and evidence suggests it’s getting worse, with recent research from TD Bank revealing news that 91 percent of survey respondents expect B2B payments fraud and invoice scams like business email compromises to increase in the coming years. Yes, that includes the CEOs themselves, says the latest analysis from Trend Micro.

Scams 41

Scams Email Compromise Business Email Compromise Compromise 41

PYMNTS

FEBRUARY 12, 2019

12) about potential “romance scams,” which cost victims a collective $143 million last year. The FTC said these particular types of scams cost people more than any other type of swindling, and that they’re expected to become more common. They will generally request the money be sent by wire transfer or gift card.

Romance Scams 53

Romance Scams FTC Scams Federal Trade Commission 53

PYMNTS

JANUARY 17, 2020

. … The simplest way — not just for our marketplace, but for marketplaces across the board — for a fraudster or scammer to work is to get people off the platform and [have them pay] directly, typically [with] a method like wire transfer.”.

Scams 52

Scams Wire Transfer AI Risk 52

PYMNTS

OCTOBER 31, 2019

In addition, BankLine is providing banking relationships for online crypto companies looking to receive wire transfer payments. And Belgium’s Financial Services and Markets Authority has sent out a new warning over suspected crypto scam websites, adding nine domains to bring its current total to 131.

Scams 40

Scams Wire Transfer Bitcoin Blockchain 40

PYMNTS

DECEMBER 8, 2020

With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.

FBI 71

FBI Business Email Compromise Scams Mitigation 71

PYMNTS

JUNE 15, 2016

The FBI is warning about the increasing risk of wire transfer fraud. As part of its newly launched public awareness campaign on wire transfer fraud, the FBI provided tips to help companies detect and fight the threats. Billion | The total amount lost to wire-transfer fraud between October 2013 and February of this year.

FBI 40

FBI Wires Wire Wire Transfer 40

PYMNTS

DECEMBER 20, 2019

A Lithuanian man who scammed Facebook and Google into sending him hundreds of millions of dollars has been sentenced to five years in prison, according to published reports Thursday (Dec. Both companies identified themselves as victims in the scam. In 2017, Rimasauskas was arrested in Lithuania and extradited to the U.S.

Law Enforcement 53

Law Enforcement Phishing Wire Transfer Scams 53

PYMNTS

DECEMBER 6, 2016

While they study the key individuals and protocols necessary to perform wire transfers in their target, they learn how to spring a convincing attack, posing as a company executive or an accounting executive,” Sjouwerman continued. Once inside, cybercriminals can monitor the financial connections and interactions within the company.

Phishing 67

Phishing Wire Transfer Email Compromise Business Email Compromise 67

Clearly Payments

JANUARY 25, 2024

Accepted Payment Method Percentage of Businesses Cheques 73.40% EFT 58.90% Cash 55.30% Credit Cards 54.40% Interac e-transfer 50.00% Debit Cards 38.50% Wire Transfer 15.20% Cash and credit cards also maintain popularity, with 55.3% Meanwhile, Interac e-transfer , a digital favorite, is chosen by 50% of businesses.

Process 105

Process Online and Mobile Banking Electronic Funds Transfer (EFT) Digital Currency 105

Payment Savvy

DECEMBER 11, 2023

For example, many banks do not charge fees for transferring money between your own accounts or to accounts at other banks. Even when fees are applicable, they are typically lower than those associated with wire transfers. ACH transfers provide a cost-effective solution, particularly for domestic transactions.

ACH 52

ACH Wire Transfer Direct Deposit Wires 52