Business email compromise (BEC) scams continue to wreak havoc on businesses’ B2B payment workflows, but this week’s B2B Data Digest finds ransomware has once again stolen the spotlight. Analysis uncovers the stats behind one of the most prolific ransomware attacks on small to medium-sized businesses (SMBs), while reports also find millions of dollars stolen from businesses thanks to invoice and payroll scams.
6 months ago, there were fewer BEC scams in Australia’s construction sector than today, according to a new warning issued by the Australian Cyber Security Centre. The notice said that BEC scammers are targeting construction companies posing as legitimate business partners seeking payment on invoices by changing bank details on future bills. Cyber criminals may be hacking email accounts or creating new email addresses that look similar to legitimate ones of industry firms. In a statement, Michael McKinnon, chief information officer at