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 authorised 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 organisations
Attackers attempted to steal over $300 million through vendor email compromise (VEC) attacks in 12 months, with employees at organisations 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 per cent of engagements came from employees who'd previously fallen for similar attacks.
Only 1.46% of advanced email attacks are reported.
Australia’s payment fraud losses set to hit $1.76 billion by 2028
Authorised push payment (APP) scam losses in Australia are predicted to reach $1.76 billion by 2028, according to ACI Worldwide and GlobalData's latest Scamscope report.
While Australia experienced dramatic growth in APP fraud, with a 39% compound annual growth rate from 2018-2023, cross-sector anti-scam efforts have helped slow the trend. The projected growth rate for 2023-2028 is expected to be 7.6%, significantly lower than the 12% average across six major markets. Real-time payments account for 83% of current APP losses, expected to rise to 88% by 2028.
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.
