When you see an email from Bank of America with the subject line “Watch out for these 3 scams” it is worth pausing to read it. This email was geared towards small business owners like me, but the tips are helpful for anyone, including travelers who use public charging stations or handle money on the go.
Scammers continuously target business owners, exploiting the trust and access that comes with managing payments, payroll, vendor relationships and sensitive customer data. Understanding their tactics is the first step in protecting yourself, your business and your finances. I know firsthand because hackers got into my server and sent an email to my accountant and they started sending a check for $5,000. Fortunately, Intuit caught it.
The latest scams targeting business owners
1. Imposter Scams
One of the most common scams involves someone pretending to be a known vendor or even your bank. Invoices for goods or services you never ordered may appear legitimate, hoping you will pay before noticing the fraud. Banks will never ask you to provide authentication codes, account information or transfer funds to a new account unless you initiated contact. Always verify any unusual payment requests using trusted contact information such as a phone number from your bank statement or a vendor’s official website.
2. Tech Support Scams
Scammers may pose as tech support representatives from well-known companies, claiming your device is infected or that your business is owed money. They often ask for remote access or to download apps. Never grant access to your device or download software from an unverified source. Always contact the company directly using a verified number to confirm whether the request is legitimate.
3. Juice Jacking
When traveling, public USB charging stations may seem convenient but cybercriminals can use them to install malware on your device, a technique called “juice jacking.” Avoid using public USB ports when possible. Bring a personal power brick or battery pack or use a power-only charging cable that prevents data transfer. Avoid logging into sensitive accounts or entering passwords while charging on the go.
Red flags to recognize scams
- Unexpected contact: Any out-of-the-blue phone call, email or text asking for personal information or money is suspicious. Banks and financial institutions rarely contact you this way.
- Urgent pressure: Scammers often create a sense of urgency hoping you act before thinking. Always verify before responding.
- Unusual payment methods: Requests for gift cards, cryptocurrency or other nontraditional payments are a major warning sign. Never send money this way to someone you do not fully trust.
- Requests for personal or account information: Legitimate institutions will not ask for sensitive information without proper verification, especially if they initiate contact.
The bottom line
By staying vigilant, recognizing these red flags and verifying unsolicited offers or requests through trusted channels you can prevent financial loss and protect your business from emotional stress. Trust your instincts, if something seems off it probably is.
