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Recognizing common scams can help you reduce the risk of your business being compromised. Fraud is on the rise with cybercrimes becoming more sophisticated and online schemes that appear authentic posing a risk to small business owners. Therefore, it is important to stay vigilant to help protect your business from increased fraud risks.
To help keep your business information secure and avoid fraud, ensure that you and your employees know how to recognize and avoid scams and cyber threats. Here are some of the most common targeting small businesses:
Business Email Compromise (BEC): Occurs when a cybercriminal sends an email with urgent instructions using an email address or text message that looks like it's from an executive from your company, a trusted business partner, or vendor. These criminals do this to attain passwords that can allow (or give) them access to your business account information or falsify an invoice to get someone from your business to send them a payment.
Some tips to reduce BEC risk:
Phishing: This occurs when cybercriminals pose as a legitimate organization, sending emails or text messages that lure a potential victim into disclosing sensitive data such as passwords, personally identifiable information, or bank account details.
Here are few tips on how to avoid phishing scams:
Account Takeover: This can take place when cybercriminals use your credentials to gain access to your business account, enabling them to make unauthorized transactions, which can include transferring funds, adding fake employees to payroll, or stealing sensitive customer information.
Some best practices to help reduce account takeover risks:
Fraud attacks are inevitable for most businesses. Stay vigilant to protect your business against fraud attacks.
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Information and views provided are general in nature and are not legal, tax, or investment advice. Wells Fargo makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties; does not endorse any non-Wells Fargo companies, products, or services described here; and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent Wells Fargo’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.
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