Payments Innovation Alliance Releases Business Email Compromise Response Action Plan

Payments Innovation Alliance Releases Business Email Compromise Response Action Plan

Betsy Jaffe
Nacha
571-265-8590
media@nacha.org

Nacha's Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, has published its Business Email Compromise Response Action Plan. This free publication not only offers guidance to companies that are victims of business email compromise (BEC) but also provides steps organizations can take to actively mitigate the potential for being a victim.

BEC scams occur when criminals send a fraudulent email message that appears to come from a known source making a legitimate request, such as a known company vendor appearing to send an invoice with an updated payment address or payment account information. These scams have resulted in substantial financial and reputational harm to corporate victims, with billions of dollars in losses.

“Business email compromise is on the rise, and information that is shared publicly about contracts and business relationships makes organizations vulnerable,” said Matt Luzadder, Managing Partner, Chicago Office, Kelley Drye & Warren LLP, and co-leader of the Alliance’s Cybersecurity & Payments AI Project Team. “The Response Action Plan details what to do if your company is impacted and practical steps to take to prevent business email compromise from occurring.”

The Payments Innovation Alliance’s Cybersecurity & Payments AI Project Team develops tools and resources to help organizations understand evolving threats related to potential cyberattacks and learn about the potential impact of artificial intelligence on the world of payments. To download the Plan, learn more about initiatives or join the Payments Innovation Alliance, visit https://www.nacha.org/cybersecurity-response-project-team. Organizations interested in joining the Alliance should visit http://www.nacha.org/content/alliance-membership-features.

About Nacha

Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 31.5 billion ACH Network payments made in 2023, valued at $80.1 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.