Top Scams to Watch Out For
1. Business Email Compromise (BEC)
Scammers pretend to be someone you know, like a vendor or a coworker, and send emails asking for money or sensitive information. These emails often look real but may include small clues that something is off. If you get an unusual request, especially one involving money or passwords, double-check before responding.
2. Fake Invoice Scams
You might receive an invoice for something you didn’t order. It may look like it came from a real company. Always review unexpected charges and confirm with the vendor before making any payments.
3. Phishing Attacks
Phishing messages can come through email, text, or even phone calls. They often include links or attachments that try to steal your login info or install harmful software. Teach your team to spot suspicious messages and avoid clicking on unknown links.
4. Tech Support Scams
Scammers may call or email pretending to be from your IT provider or a software company. They claim there’s a problem and ask for remote access or payment. Always verify tech support contacts before giving access to your systems.
5. Loan or Grant Scams
Your business might get a message saying you’ve been approved for a loan or grant you never applied for. These scams often trick employees who aren’t familiar with the business’s finances. Make sure your team knows what’s real and what’s not.
6. Deepfake Impersonation
Scammers are now using AI to create fake videos or audio that sound like your boss or coworkers. These deepfakes may ask for urgent actions like sending money. If something feels off, verify the request through another method.
7. Fake Job Applicants
This scam is common in remote hiring. Scammers create fake resumes and identities to get hired so they can access company systems. Always do background checks and use secure onboarding steps.
8. Ransomware Attacks on POS or Inventory Systems
Ransomware can lock you out of your systems until you pay a ransom. These attacks often target point-of-sale or inventory software. Regular backups and strong cybersecurity practices can help protect you.
How to Protect Your Business from Cyber Scams
Cybercriminals are constantly evolving their tactics, but there are practical steps you can take to reduce your risk. By building a strong security culture and using the right tools, you can make your business a harder target. Here are some key ways to protect your company:
- Train your employees to recognize scams and report anything suspicious. Hold regular training sessions to help your team spot red flags like strange emails, unexpected payment requests, or unusual login screens. Encourage them to speak up if something doesn’t feel right.
- Use multi-factor authentication and strong, unique passwords. Require employees to use two-step verification when logging into important accounts. Make sure passwords are long, hard to guess, and not reused across different platforms.
- Set up a verification process for payment requests and vendor changes. Always double-check before sending money or changing vendor details. Use a second method—like a phone call—to confirm requests that come through email or text.
- Keep your software and systems updated to fix security issues. Computer and software updates often include fixes for known problems that scammers can exploit. Set up automatic updates when possible to stay protected.
- Work with a trusted IT or cybersecurity provider for ongoing support. Having experts on your side can help you spot risks early and respond quickly if something goes wrong. They can also help you set up strong security systems.
If you think your business may have been targeted by a scam, acting quickly can make a big difference. The faster you respond, the better your chances of minimizing damage and recovering lost data or funds. Here’s what to do:
- Act fast. Stop any financial transactions and disconnect affected systems. If you think something is wrong, pause all payments and unplug any computers or devices that may be affected to prevent further damage.
- Contact your bank or financial institution right away. Let them know what happened so they can help protect your accounts and possibly stop or reverse any fraudulent transactions.
- Report the scam to the FTC and local law enforcement. Reporting helps authorities track down scammers and may help protect other businesses from being targeted.
- Document what happened to help prevent future attacks. Write down what occurred, including who was involved, what was affected, and how the scam happened. This can help you improve your security and train your team.