Friday, June 21, 2024

Small Businesses are Cheated Over $7 Billion Every Year by Scammers

Small Business Organization is more susceptible to scams. According to the Better Business Bureau (BBB) report, 6 percent of small business lose money to the scams every year.

BBB research is based on the data collected from BBB Scam Tracker and from their Small Business Scams Survey. BBB report indicates the scam activity targeting small business is growing and it poses a significant risk.

The scams can target any organization regardless of location, size, industry, or length of time in business. Scammers continue to adapt with new techniques to trick user’s and make them fall as a victim.

Common Type of Business Scams

Spam click rates increased in 2018, so far 14.2 percent of spam that delivered in the inbox are clicked, whereas in 2017 the click rate is 13.4%.

Vanity Award – This scam involves organizations receiving an email claiming business or organization itself has won awards.

Tech support scams – They are very popular and the scammers pose to be from a popular rech support company and they try to steal money or gaining access to your computer.

Phishing – Trick employees to reveal the sensitive data such as login credentials, it often starts with an email or social media contact or through the call. To protect from phishing organization should consider multiple factors.

Bank/Credit Card Company Imposter – Scammers mimic that they are calling from bank or credit card company and fools victims to credit card or banking information.

Charity – Scammers use to say that they are calling from a famous charity and ask to ask to donate and then they disappear.

Fake Invoice – Scammers will send fake bills and service renewal notice to make the business pay for it.

Directory Listing – It is a technique used to fool victims of paying into a non-existent directory or a nonexistent advertising.

Government Imposter – Scammers threatening to be calling from government agencies and threatens business to pay taxes, bills or any other fees.

Fake Check – Scammers will offer to look legitimate fake check to deposit in the bank account and ask the business to transfer some money as a cash back via wire transfer. When the victim deposit checks in the bank they come to know it is the fake one and the scammers have the money.

Scammers generally reach out targets through phone, Email, IN Person, Postal mail, Website, text message, and Fax. Phone and Email are the most prominent methods. Mostly the scammers collect payments through check and credit card payment methods.

Overall, 13 percent of businesses responding to the survey indicated they had been harmed by a scam according to BB report. They always use to pretend to call from trusted sources and create urgency.

In a recent Tech Support Scam, attackers managed to implement call optimization service’s which allows attackers to display the correct phone number displayed to the user’s based in multiple countries.

Also Read

Spam Remains as the Popular Infection Method To Cyber Criminals For More than 40 Years

Proofpoint Q2 Threat Report – Ransomware Returns, Growth in Social Engineering and Email Fraud

List of Top Ten Dark Web Activities That Alerts Organizations a Possible Breach by Hackers


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Guru baran
Guru baran
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

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