Cybercriminals are not only targeting people with scams to steal their money. As a small business owner, you are just as much a target for them. Cybercriminals can target small business owners to put their livelihoods at risk and close their businesses. Today, scammers are getting smarter. Thus, you need to know what kind of scams they usually use to target small business owners. Hence, you know how to prevent and protect yourself and your business.
Common scams targeting small businesses
Business scams are just as common as individual scams. Cybercriminals often use various methods of attack, which become trickier over time. Staying alert and understanding potential risks are what you and your team should do.
Fake invoice
Cybercriminals can gain access to an email account and intercept or edit incoming emails from the company you work with. For example, they send emails pretending to be your suppliers or vendors with fake invoices. Hence, you will send them the amount stated in the invoice instead of your vendor or suppliers. To avoid this, install antivirus software and train your staff to be more mindful of opening emails.
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Spear-phishing
It’s one of the most common scams, where scammers personalize and target certain individuals or groups, resulting in substantial financial rewards for them. For example, a scammer disguises as the CEO and emails the accounting department to request money. Train your staff to never fulfill any money request without confirmation and standard verification.
Unsolicited services or products
This scam is similar to a fake invoice, but the victims may get a ‘product’ from the scammers. Scammers usually send products or provide services and then issue an invoice with an inordinate amount of money. For example, scammers posing as a phone book company will call or email you and ask for basic information to update a phone book. Then, they will send an invoice. Standard verification is a must to avoid this kind of scam.
Stolen identity
Scammers can steal individual identities and do it for a business. They steal your company’s identity and set up fake websites using your company’s name and address. Then, many customers or vendors are tricked and think it’s your company. This scam can tarnish your business reputation, and you may face legal issues when dealing with scammers and furious customers or vendors.