B2B Payments

The Invoice Lands In The Corporate Cyber Fraud Spotlight

Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it's often the invoice at the center of the crime.

This week's Data Digest looks at the latest in B2B payments fraud and the invoice's role in supplier payment redirect scams, credential theft and more.

43 percent of employees admit to mistakes that have caused cybersecurity repercussions, a new study has found, according to OnRec reported. In a survey of 1,000 U.K. and U.S. professionals, Tessian found in its “The Psychology of Human Error” report that nearly half have been the cause of a cyber incident at their work. Although some of those mistakes can be things like sending an email to the wrong person, these errors can also expose their companies to the risk of fraud; 25 percent of survey respondents admitted to clicking a link in a phishing email, with professionals in the technology sector most likely to do so (with 47 percent admitting that this has happened). Forty-seven percent of respondents said the reason they fell for a phishing scam was simply because they were distracted. With employees reporting that they're even more distracted at home, researchers warned that the expansion of the remote workforce could further widen the cyber fraud threat for companies.

66 percent of 2 million stolen usernames with the word “invoice” in them are the most commonly advertised on the black market, according to a new report from Digital Shadows, a press release stated. Researchers analyzed 2 million stolen usernames to explore how cybercriminals exploit the information and found that usernames with “invoice” are some of the most popular, while “partners” and “payments” were also terms found within usernames to be commonly advertised for sale. Although the release did not indicate why, the value of B2B invoice and payment scams continues to climb, making this strategy a popular one among cybercriminals.

$66,800 was swindled from a government entity in New Zealand following a cyberattack at one of its vendors, according to the New Zealand Herald. The Far North District Council said a cyberattack last December at one of its vendors led to an invoice redirect scam, in which cybercriminals infiltrated the vendor's email server to send a message to the government requesting a change to the supplier's bank account details. Reports said the government paid 100,600 New Zealand dollars ($66,800) into that account. Council Corporate Services General Manager Will Taylor said that the government was able to recover the funds after the supplier notified the parties involved and the bank reversed the payment.

$4.1 million in company funds were allegedly stolen in an invoice redirect scam, reports from Ireland's Dublin Live said. Irish law enforcement reportedly arrested two men in connection to the case. Officials said the individuals convinced corporate professionals to change bank account details of a known supplier, causing accounts payable professionals to send payments to the wrong account for legitimate orders. The individuals are accused of participating in a global scam to direct funds into various bank accounts in other parts of Europe. Law enforcement officials said their investigation remains ongoing.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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