Payments Innovation Alliance Unveils Action Plan for Responding to Business Email Compromise
Date – 01-Aug-2024
The Payments Innovation Alliance, part of Nacha’s membership program aimed at transforming the payments industry, has released its Business Email Compromise (BEC) Response Action Plan. This comprehensive guide offers valuable strategies for organizations affected by BEC scams, including steps to mitigate the risk of becoming a victim.
BEC scams involve fraudulent emails that appear to come from trusted sources, such as a known vendor requesting updated payment information. These scams can lead to significant financial losses and damage to an organization’s reputation, amounting to billions in losses globally.
“Business email compromise is increasingly prevalent, and publicly available information about contracts and business relationships heightens organizational vulnerability,” said Matt Luzadder, Managing Partner at Kelley Drye & Warren LLP and co-leader of the Alliance’s Cybersecurity & Payments AI Project Team. “Our Response Action Plan outlines actionable steps for organizations impacted by BEC and provides practical measures to prevent such incidents.”
The Cybersecurity & Payments AI Project Team of the Payments Innovation Alliance creates resources to help organizations navigate emerging cyber threats and understand the implications of artificial intelligence in payments.
Nacha oversees the ACH Network, the key payment system facilitating secure Direct Deposits and Direct Payments across U.S. bank and credit union accounts. In 2023, the ACH Network processed 31.5 billion payments totaling $80.1 trillion. Nacha supports innovation and interoperability in the payments industry by developing rules, providing solutions, and offering education and advisory services.
