They say running a business is like juggling flaming swords… but it’s even trickier when a scammer tries to light your books on fire too.
In this publication, we're uncovering a fast-growing scam trend that’s quietly targeting businesses across the U.S.—and draining them of millions. Whether you’re a solopreneur or a CFO, this is a threat you can’t afford to ignore.
Since 2022, the Better Business Bureau has received over 3,600 business scam reports—many involving impersonations, hacked accounts, and data breaches. Losses can reach hundreds of thousands per hit.
How It Works:
These scams vary widely, but they often follow a few key blueprints designed to blend in with everyday operations:
- Impersonation Scams: Scammers pretend to be trusted vendors, executives, or employees—often through email—to trick staff into wiring money or sharing sensitive information.
- Social Media Hijacking: Scammers gain control of business social media accounts, locking out owners and demanding ransom or exploiting the account to scam followers.
- Phishing and Spoofing: Fraudulent emails or texts trick employees into clicking malicious links or entering credentials, leading to full-on data breaches.
- Fake Invoice or Payment Scams: Criminals send convincing-looking invoices hoping your accounts payable department just “pays the bill” without verifying.
- Vendor Diversion: Scammers pose as existing suppliers and request a change to their payment information.
Once they’re in—they’re fast. BBB and federal reports show that once a business bites, money can be drained in minutes.
Who’s Targeted:
• Small and medium-sized businesses
• Professionals in finance, HR, and admin
• Companies with weak or no multi-factor authentication
• U.S.-based businesses, especially those with remote workforces
These scams don’t discriminate by industry. If you manage staff, vendors, or online assets, you’re a potential target.
Real-Life Example:
In one verified report, a company’s bookkeeper received an email “from the CEO” requesting a confidential wire transfer. The email looked legitimate—same tone, signature, even a spoofed email domain. By the time they realized it wasn’t from their CEO, $75,000 was gone—wired to a scammer’s account overseas.
Why You Should Care:
Scams like these are costly, not just in dollars but in reputation, customer trust, and operational downtime. For small businesses, a single scam can spell financial ruin. Even worse—once you’ve been hit, you're marked as vulnerable, and more attacks often follow.
How to Protect Yourself:
• Use multi-factor authentication (MFA) on email, financial software, and social accounts.
• Verify payment changes by phone—never trust email alone.
• Train your team to recognize spoofing, phishing, and impersonation attempts.
• Monitor accounts regularly for suspicious transactions or login activity.
• Back up critical data and enable admin alerts on social media platforms.
Quick Tips & Updates
Quick Tip: Did you know? A slight typo in an email address (like “john.smi1h@company.com”) is a common trick used in spoofing.
Pro Tip: Add a company policy that requires a second layer of approval for any payment over $5,000, especially if the request comes via email.
Update: BBB Scam TrackerSM is actively monitoring trends in business-targeted fraud. You can submit reports and review ongoing alerts at BBB.org/scamtracker.
Stay safe, stay informed.
Keyword Definitions:
- Business Impersonation Scam: A fraud tactic where criminals pose as executives, vendors, or clients to manipulate employees into transferring money or data.
- Phishing: A type of scam where attackers send deceptive messages to trick victims into revealing sensitive information.
- Spoofing: Faking email addresses or caller IDs to appear as a trusted source.
- Social Media Hijacking: Unauthorized takeover of business social accounts, often used to scam followers or demand ransom.
- BBB Scam TrackerSM: A free tool from the Better Business Bureau that allows users to report and view current scam activity.
To read more, kindly find source article here