Payments fraud occurs when companies pay money erroneously to a fraudster rather than a legitimate supplier. Once processed, the funds are laundered at speed through the banking system, making it difficult to trace.
Stolen funds are rarely recovered, leaving financial institutions and sometimes their customers to bear the cost. No business is too small to be targeted. The BEC/EAC (email account compromise) scam continues to grow, with fraudsters targeting all types of businesses from sole traders through to global organisations.
Between January 2015 and December 2016, there was a 2,370% increase in identified exposed losses.1 It is a threat serious enough to prompt the FBI in May 2017 to release an updated Public Service Announcement (PSA) regarding the continued growth and evolution of the crime.
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