Aden Ferguson
As the holiday shopping season kicks into high gear, small business owners must take extra precautions against the rise in seasonal scams targeting retailers.
From fraudulent transactions to email phishing schemes, cybercriminals view the busy holiday shopping period as an opportunity to take advantage of overwhelmed business owners. According to the Better Business Bureau, the organization saw a sharp rise in complaints from small businesses regarding payment scams, counterfeit checks, and spoofed emails soliciting sensitive information last year.
The bureau knows that small business owners have a lot on their plates during the holidays, and they’re aware that thieves hope they’ll slip through cracks in security. They want business owners to be informed about the warning signs so they know what to look for.
So, how do small businesses protect themselves? Experts recommend taking the following precautions:
1. Use updated antivirus and anti-malware software. Make sure defenses are up-to-date to detect new viruses and suspicious activity. Set regular scans.
2. Be wary of offers that sound too good to be true. Discounted luxury goods are very likely to be fakes. Confirm all offers in writing.
3. Use dedicated payment systems. Avoid wire transfers or gift cards for customer payments. Use services like PayPal to enable fraud reviews.
4. Pay attention to signs of spoofed emails: misspelled sender addresses, odd links, poorly worded text, or weird subject lines. Delete them.
5. Watch for counterfeit checks. Require waiting for checks to fully clear before providing goods and services. A fake check can initially appear to clear, only to bounce later.
6. Monitor bank and credit statements vigilantly for suspicious transactions. Alert your financial institution to flag and notify you of unusual activity.
7. Train staff to watch for fraudulent red flags and encourage reporting of unusual behavior or activity. Make sure everyone knows security best practices.
The key is knowing what to watch out for. A little extra diligence goes a long way. Implementing security safeguards and having appropriate insurance also helps small business owners avoid financial catastrophe if they fall prey to a sophisticated holiday scam.
By following some key prevention tips, local small businesses can enjoy the holiday rush while dodging Grinch-like attempts by thieves to steal profits and ruin the season’s cheer.
