A US mineral development company fell victim to a sophisticated Business Email Compromise (BEC) attack, resulting in a misdirected vendor payment of approximately $500,000. This incident highlights the growing threat of BEC attacks, which have caused $55 billion in losses over the past decade, with AI-powered tactics making these scams increasingly difficult to detect and prevent.
Many businesses haven’t yet realized the importance of protecting their business payment workflow from fraud and errors, and finance teams can’t afford to push off addressing this issue any longer.
This new study shows that B2B payments fraud is a growing concern for C-suite leaders this holiday season.