Our team continuously monitors the headlines for the latest accounts payable (AP) and security news. We bring you all the essential stories in our cyber brief so your team can stay secure.
International payment scams surge as fraudsters target overseas transfers
UK banks are being urged to improve anti-fraud systems for international payments after a surge in international payment scams. While the UK’s overall authorized push payment (APP) scams fell 20% to 186,000 cases in 2024, international payment fraud nearly doubled to 11% of total losses. The £450m total stolen only dropped 2%, meaning fewer victims are losing larger sums.
Unlike domestic transfers, international payments aren't covered by the UK’s mandatory reimbursement rules, leaving victims unlikely to recover their money.
Eftsure teams up with Sis ID, adds international payment verification
Eftsure has acquired French anti-fraud fintech Sis ID, uniting under one brand to expand global payment protection. The deal strengthens coverage across Europe, the US, Australia, New Zealand, India, and China—moving toward full global verification.
With over 3,500 customers and 20+ years of combined expertise, the partnership aims to combat rising fraud threats, enhance vendor validation, and provide cross-border payment protection regardless of vendors’ location.
Read more.
Employees repeatedly fall for vendor email compromise, with higher risks in large organizations
Attackers attempted to steal over $300 million through vendor email compromise (VEC) attacks over the last 12 months, with employees at organizations of 50,000+ staff showing the highest engagement rates, according to new research from Abnormal AI.
Some 72% of employees at large enterprises who read VEC messages engaged further by replying or forwarding. Telecommunications had the highest industry engagement rate at 71.3%, while junior sales staff engaged at 86%. Seven percent of engagements came from employees who'd previously fallen for similar attacks.
Only 1.46% of advanced email attacks are reported.
Cyber insurance premiums fall for the first time as companies reassess risk strategies
According to a new report released by credit rating agency AM Best, cybersecurity insurance premiums dropped 2.3% to $7.1 billion in 2024—the first decline since data collection began in 2015. The decrease was driven by pricing changes rather than reduced demand, with steady appetite for cyber coverage. Some large businesses are increasingly turning to self-insurance through captive companies, keeping control of their risk management.
Third-party vendor risks are emerging as a major challenge, with companies struggling to manage complex supplier relationships and potentially facing difficulties claiming for vendor-related breaches due to relationship concerns.
Aflac investigates potential data breach linked to cyberattack
Health and life insurance provider Aflac is looking into a possible data breach after a cyberattack on its US network, which may have exposed sensitive customer information. The attack, spotted on June 12, is believed to be linked to Scattered Spider, a hacking group known for targeting insurers.
The full impact of the intrusion isn’t clear yet. The company says it is working with cybersecurity experts and that its services will remain fully operational during the investigation.
Payment fraud hits 80% of firms as decision-makers turn to virtual cards
Payment fraud targeted 80% of organizations last year, up from 65% previously, with paper checks remaining the biggest vulnerability, according to a new PYMNTS Intelligence report.
The report, "Virtual Cards Boost Commercial Payment Speed and Security," found nearly three in five US businesses struggle with late B2B payments, largely due to continued reliance on manual, paper-based methods, which are used by 75% of companies. Virtual cards are emerging as a solution, offering enhanced security and faster processing. However, while 80% of B2B buyers prefer vendors that accept virtual cards, 52% encounter vendor refusal.
