BillGO’s Post

Paper Check Reduction - We know the benefits for consumers + financial institutions. But what's the value to the biller? Here's an interesting perspective directly from a biller enrolled in the BillGO Exchange (BGX). "When it comes to the security of BillGO, I don't see any better method. We have paper checks stolen all the time. Compared to other vendors, BillGO is by far the easiest — and the most secure. Even if you leave the screen up too long, BillGO closes it and hides the credit card number. It's an additional built-in piece of security." #BillGO #papercheckreduction #fraudmanagement #financialinstitutions #fintech #billpay

Every day, credit card fraud is a growing concern for businesses of all sizes. As scammers become more sophisticated, it's crucial to stay ahead and protect your business. Our latest blog post covers essential tips to safeguard your business from credit card fraud. Learn about: -The latest fraud trends -Practical steps to enhance security -How Aurora Payments can help you stay protected Don't wait until it's too late—take proactive measures to secure your business today! 👉 Read the full article here: Protect Your Business From Rising Credit Card Fraud https://lnkd.in/g4aGXMdj

When you are in a RE transaction, we will share documents, make notes in emails and have conversations about wire fraud and the dangers of hacking. But none of that really covers the dangers of wire fraud and how prevalent it is right now. NEVER make changes to wire instructions, regardless of who notifies you, including your agent or banker. If in doubt, call and verify, you can't be too careful.

"Anyone can sign up at this website as a potential reshipping #mule, although doing so requires applicants to share a great deal of personal and financial information, as well as copies of an ID or passport matching the supplied name." Brian Krebs always has amazing stories to share! 👏 If your fraud prevention revolves around suspicious shipping addresses, regions, etc. then you are certainly still exposed to a significant risk of fraud, while probably putting the burden of worsening false/positives on your fraud team. As I often mention it, #fraud has evolved from a "niche" activity to something much easier, which is made easier to a broader group of people. This reshipping service and its reliance on mules is a perfect example. With worsening economic conditions, it's not surprising the financial pressure might push otherwise honest individuals to seize this opportunity for a few extra bucks. Even if it means severely compromising their own identity: the article mentions 1,200 destinations listed... 😮 That is why a good fraud prevention strategy should focus on where the purchase is made from, not where the merchandise is going. Knowing someone tries to obfuscate their location, and seeing where they really are is a lot more effective than focusing on delivery address. 🏘 "[...] document shows that many of them have a deep association with cybercrime, including ransomware activity and transactions at darknet sites that peddle stolen credit cards and residential proxy services." You can read the whole article from KrebsonSecurity here: 👇 https://lnkd.in/gsyYr4WV #fraudprevention #frauddetection #fraudstrategy

Saturday, March 31, 2024, AT&T (another of many) discovered a serious data breach affecting some 7.6 mil AT&T acct holders as well as some 65.4 million former acct holders. The Company actually became aware of this latest breach nearly two weeks ago. The stolen date was first reported on hacker forums in 2021 but AT&T denied that the hack was real until now. I am a past account holder. YOU NEED TO KNOW THAT THIS IS EXTREMELY SERIOUS. I have fielded numerous calls since this news broke. The breach affects both current and prior data of customers that was found on the “dark web” including Social Security numbers, passcodes, full names, email addresses, mailing addresses, phone numbers, dates of birth and AT&T account numbers. Don't wait to find out that your information has been compromised. A caller this morning had $5,000.00 removed from their bank acct. Current AT&T customers, should immediately change passwords on all of sensitive password protected accounts: banks, credit cards, FPL, cable, … anywhere your personal data is. Use hard to guess passwords. Utilize multifactor authentication. Contact the 3 major credit reporting bureaus: Equifax, Experian and Transunion and utilize their credit freeze svcs and fraud alerts to protect you from unauthorized inquiries. The FLA Attorney General has a toll-free fraud hotline for Floridians victimized by fraud: 1-866-9-NO-SCAM (1-866-966-7226). Check your accounts and balances regularly. Immediately contact any provider if you find fraudulent activity. Florida laws protect both you and the financial institutions and the laws require prompt reporting. I also recommend contacting local law enforcement to report any fraud, theft or loss. This helps you document any fraud. DO NOT RELY ON TELEPHONE CALLS, TEXT MESSAGES OR EMAILS ALONE. Start the reporting process with a call, but follow-up in writing delivered by confirmed delivery, i.e., certified or registered U.S. mail; or carriers offering signed delivery. PLEASE PROTECT YOURSELVES and be well.  Sources: AT&T Community Forums, ABC News, The Associated Press, CBS News, CNBC, CNN, Fox Business, Fortune, NBC News, NPR, The New York Times, USA Today. Information I provide on this forum is my strictly my opinion for informational purposes only and does not create an attorney-client relationship between any reader and my firm or me. Any posting that I provide is strictly for informational purposes and constitutes my opinion based on Florida law, experience and the information available to me. Other attorneys may have different opinions. This opinion may be subject to change given a specific facts or situations. For direct legal advice, employ the services of a qualified and experienced lawyer in your area handling the type of legal matter for which you need legal advice. The hiring of an attorney is an important decision that should not be based merely upon advertisement(s), casual inquiries, information or my posted opinions on this site.

ACH fraud is on the rise, posing significant risks to businesses. In this blog it breaks down key insights on how ACH payments work and offers essential tips to safeguard your business from fraud. Learn how to protect your funds with best practices such as cyber insurance, transaction monitoring, and two-factor authentication. Don't let your business fall victim—read the full article now! https://lnkd.in/gifCYKi8

Citibank sued over failure to defend customers against hacks and fraud. Interesting article. Will your legal team be able to defend you if this type of situation occurs? Absolutely, no one wants bad press regarding a breach or loss of data, especially customer data. Have you reviewed the current IEEE standard regarding security and the current NIST? What is your score? Do you have a plan to protect the most valuable assets first? Do you even know where the most valuable asset is stored? New York Attorney General Letitia James sued Citibank over its alleged failure to defend customers against hacks and scams and refusal to reimburse victims after allowing fraudsters to steal millions from their accounts. #valueableassets #hacks #fraud #cybersecurity #informationprotections #procedures #controls #Validationprocess #CIAM #IAM https://lnkd.in/dR_vwsBc

🚨 Alert: Rising Wire and ACH Fraud in the Transportation Safety & Construction Industry🚨 In recent months, there has been a noticeable increase in sophisticated wire and ACH fraud schemes targeting businesses in the transportation safety industry, and likely across many construction sectors. The fraud typically occurs when a criminal gains access to email communications and monitors discussions involving high-value sales transactions. Once a payee is identified, the criminal creates a nearly identical email address—often changing just one letter or symbol (e.g., replacing "O" with "0")—to impersonate the payee. Here's how the scam unfolds: 1. The criminal engages in the conversation, posing as the payee, and mimics the email signature. 2. They notify the payer of a "change" in banking information for the ACH payment. 3. The unsuspecting payer transfers the funds to the criminal’s account, and the criminal disappears, closing the fraudulent account. This scam is particularly targeting large-value transactions and is a growing threat in our industry. To avoid falling victim to this, here are a few countermeasures: 🔒 Countermeasures: 1. Always Verify Bank Details Verbally: Confirm any changes to banking information directly over the phone using a known contact number before proceeding with the transfer. 2. Implement Dual Authentication: Require a second form of verification for any payment changes or high-value transactions. 3. Use Strong Email Security Practices: Enable multi-factor authentication on all email accounts, and ensure encryption of sensitive communications. 4. Look for Red Flags: Watch for slight variations in email addresses, especially after receiving unexpected payment change requests. Stay vigilant and protect your business from these growing threats! #Construction #TransportationSafety #FraudPrevention #WireFraud #ACHScam #Cybersecurity

🔒 Protect Your Business from Cybercriminals Posing as Lenders & Escrow Agents 🔒   Cybercriminals are increasingly posing as trusted entities to commit payment fraud. From fake lenders to modified invoices, the threat is real. Just ask the 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝘄𝗵𝗼 𝗳𝗲𝗹𝗹 𝘃𝗶𝗰𝘁𝗶𝗺 𝘁𝗼 𝗮 $125𝗞 𝘄𝗶𝗿𝗲 𝗳𝗿𝗮𝘂𝗱 𝗮𝘁𝘁𝗮𝗰𝗸 due to a siphoned invoice!   But 𝗥𝗠𝗮𝗶𝗹'𝘀 𝗣𝗥𝗘-𝗖𝗿𝗶𝗺𝗲™ 𝗺𝗼𝗱𝘂𝗹𝗲 is here to safeguard your transactions. Case in point: 𝗔𝗘𝗚𝗜𝗦 𝗟𝗮𝗻𝗱 𝗧𝗶𝘁𝗹𝗲 𝗚𝗿𝗼𝘂𝗽 𝗱𝗲𝘁𝗲𝗰𝘁𝗲𝗱 𝗮𝗻𝗱 𝘁𝗵𝘄𝗮𝗿𝘁𝗲𝗱 𝗳𝗿𝗮𝘂𝗱𝘂𝗹𝗲𝗻𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝗱𝗮𝘆 of implementation, where they discovered that a lender involved in a re-financing transaction was fake - saving them from substantial losses.   Arm your business with the right tools to pre-empt such attacks and stay ahead in the game. https://lnkd.in/gyd-wp6b   #cybersecurity #paymentfraud #fakeinvoice #wirefraud #emailsecurity