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September 03, 2020 | Posted in:

Is Your Business A Tempting Target for Cyber Scams?

Now more than ever, tech savvy crooks are targeting small businesses to steal information, goods, and funds. You are especially vulnerable if you accept PayPal. Here are some of the latest scams and tips to protect your business.

Confirm this transaction.

An email allegedly from PayPal says funds have been transferred to your business account. It asks for confirmation. The confirm button takes you to a fake PayPal website which requires your business username and password. Be wary of emails that ask for confidential information. Call suppliers directly to verify their requests.

We didn’t get the package.

A con artist makes a purchase using PayPal and provides a phony shipping address so your goods show up as undeliverable in PayPal’s database. The crook then provides the delivery company with a new address, receives the goods, and complains that the shipment was never received. PayPal’s seller protection covers only the shipping address in their system, so your business loses both the product and the payment. If possible, block buyers from re-routing packages and validate buyer addresses before shipping.

Pay my company.

A fraudster slips a phony invoice for supplies you didn’t order, services you never received, or memberships to non-existent organizations into your regular monthly bills. Once you’ve paid the invoice, the crook and his bogus company disappear. Use accounting software that lists vendor names and addresses to flag potentially fraudulent invoices. Demand proper supporting documentation before paying any bill and periodically review supplier lists for out-of-date information.

 

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