As rewarding as it may be to be your own boss, there’s no question that it’s pretty scary being a small business these days. You have closures and endless restrictions eating into your bottom line. And you also have scammers seeking to take advantage of your fears.
Fortunately, at least when it comes to scams, you can easily fight back. All it takes is a cool head and common sense to identify them, no matter where they’re coming from.
Online/Email Scams
Email, in particular, has made it very convenient for scammers to broadcast offers for tempting things like low-interest business loans or, especially in recent months, small business relief programs. All you have to do is give them something like your banking information or tax ID.
Or you may get supposed communications from your bank, an important client, or the government. On the surface, they may look totally legitimate. However, links in these emails could actually lead to spoofed websites designed to steal information about your business, or they may load malware onto your computer.
To avoid falling victim to these kinds of email phishing scams:
- Don’t click on anything or reply to the email.
- Hover your cursor over links to see if they go to legitimate websites.
- Verify the sender’s email.
- Note any incorrect spelling or grammar.
- Be skeptical of an overly urgent or threatening tone.
- If you’re still unsure, contact the supposed sender directly to verify the email’s legitimacy.
Phone/Text Scams
We’ve all gotten them: calls or texts from phone numbers that look familiar. But, with no name coming up on the caller ID, it can be difficult to know for sure. It could be a client, or another company with which you do business. On the other hand, it could be a scammer. These days, scammers have the ability to spoof phone numbers. That way, they could be calling from across the country—or even outside the US—but look like they’re calling locally.
These calls or texts are out to achieve much the same things as a fake email. Scammers want money, or at least, information that can eventually lead them to money. This means they will try to get valuable personal or business information from you directly. Or they could somehow persuade you to give them access to your device or network, where they can get the information they want without further help from you.
If you are unsure, do not answer a call or click on a link in a text right away. To try and verify the legitimacy of an unknown phone number, you can look it up with a reverse phone lookup. Such a tool can help to reveal the person or business that’s actually behind the phone number.
It if turns out that the caller or texter is someone you recognize, great! If not, do not respond. Just report the number to the FCC, and they can investigate and put a stop to that particular scam.
In-Person Scams
The in-person scam is not as common as electronic scams. But they do still happen. In-person scammers are confident. They are born sales people, set out to dazzle and pressure you with fast, persuasive talk. They may play into your fears of bankruptcy, litigation, or even scams to trick you into buying extra insurance, retaining legal counsel, or engaging the services of some compliance specialist.
Not only do you probably not need any of these things, such products and services are likely fake. How do you stop a fraudster like this in their tracks?
Just ask them for a business card and a day to think things over. Then, use that day to research the person and their supposed company to get all the facts. Just the act of pausing initially is usually enough to stop an in-person scammer; they know if they don’t get you right away, they won’t get you. And they know that once you start looking into things, their scam will become evident.
You didn’t become a business owner because you lack ambition, smarts, and fortitude. Quite the opposite. And thankfully, it is those very characteristics that can keep you and your business going when challenges present themselves, whether they come in the form of an email scam or worldwide pandemic.
