Small businesses are prime targets for frauds. This is due to many factors, but then why isn’t what matters as much as the “how” of preventing small businesses from falling prey. The best course of action is education. If you know what the common scams are, you are much more able to avoid them. What are some of the most common scams, and how can small businesses avoid falling for them?

1. Copyright 2019 Biz2Credit, Confidential
COMMON SMALL BUSINESS
SCAMS

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Small businesses are prime targets for frauds.
This is due to many factors, but the why isn’t
what matters as much as the “how” of
preventing small businesses from falling prey.
The best course of action is education.
If you know what the common scams are, you
are much more able to avoid them. What are
some of the most common scams, and how can
small businesses avoid falling for them?

3. Copyright 2019 Biz2Credit, Confidential 3
Over Payment
This one can really sneak up on business owners as
it appears to be a successful sale. The customer
calls and places a large order, and typically the
business owner is excited. They pay by check, and
when the check comes it is written for more than is
due. The customer then asks the business to
return the amount that the check is over as a
refund.
This is where things get sketchy. The business
deposits the check and sends funds back to the
customer, but their original check was not actually
good in the first place. Eventually it bounces and
the business is left covering the entire amount,
while the “customer” makes off with the product
and the extra funds.

4. Copyright 2019 Biz2Credit, Confidential 4
Phishing
Scams are hard to see coming by their very nature, but
this one catches even some of the most diligent
businesses off guard. It begins with an email that looks
totally legitimate and professional. It may appear to be
from your bank or a service that you use. Most of the
time it will note that there has been a problem with
something, and they need you to click a link to fix it.
The link will take you to a website that looks legit, but it
isn’t. Either the link will upload a virus to your
computer that will steal your information, or you will
be asked to enter information in an effort to clear up
whatever problem they say they are having. Once you
do enter it the scammers have your information, which
often includes credit card or bank account information

5. Copyright 2019 Biz2Credit, Confidential 5
Awards
This one plays to basic human vanity by telling the business
they have won an award. They will be listed in a book, or
some sort of publication or website, or receive a certificate,
or some combination of these things. The catch is, they
request a “small” fee to cover shipping or publishing. The
fee may be a one-time thing, or it may be an annual fee,
which is most often the case. There may or may not be a
publication, but they will have your funds and the award is
likely just made up. Remember, a legitimate award will not
cost you anything.
When it comes to avoiding scams, remember that no
legitimate company will ask for account information
through an email, awards do not cost money, it is not hard
to write a check for the correct amount. Pay attention to
these simple red flags and stay alert.

6. Copyright 2019 Biz2Credit, Confidential
THANK YOU!
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