What Are Business-targeted Scams?

Business-targeted scams are fraudulent activities where scammers aim to exploit businesses, their employees, or their customers. These scams can take many forms, including phishing emails, fake invoices, tech support scams, and more recently, Bitcoin ATM scams. These scams aim to trick businesses into providing sensitive information, transferring money, or making fraudulent transactions.

How Business-targeted Scams Operate:

Business-targeted scams often involve a scammer posing as a trusted entity. This could be a government agency, a utility company, or even a senior executive within your own company. The scammer may contact an employee via phone or email, claiming immediate payment is required to resolve an urgent issue. This may include unpaid taxes, ransomware attacks, or a service disconnection threat. The scammer then instructs the employee to deposit money at a specific Bitcoin address via a Bitcoin ATM. This exploits Bitcoin transactions' irreversible nature.

Prevention: Stay Alert

• Educate Employees: Make sure your employees know these scams and how they work. Regular training sessions can help employees recognize and report scams.
• Verify Requests: If you receive a suspicious payment request, independently verify it. Contact the organization the caller claims to represent using a phone number or email address from their official website, not the information provided by the caller.
• Implement Policies: Establish clear policies for handling money requests. This could include requiring multiple approvals for large transactions or setting up specific procedures for dealing with alleged debts or fines.
• Contact your manager or business owner and consult with them if you are unsure of your situation

Red Flags

• A caller who claims that they are from your company's head office or corporate that you don't know if you are unsure veryify this person with your manager.
• Callers who refuse to provide detailed information or documentation about the alleged issue.
• Callers who insist on staying on the line while you transact.
• Urgent and threatening calls or emails demanding immediate payment.
• Requests to empty the safe or till of your store to pay for this.
• Requests you to use personal funds to pay for this business expense.
• Requests for payment via Bitcoin or other cryptocurrencies.
• Instructions to deposit money at a Bitcoin ATM.

If Your Business Has Fallen For a Scam:

See our guide on what to do if you are the victim of a scam / fraud.