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Warning Signs Of Business Scams

Business Scams

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Business scams have always been around, but with the significant increases in technology, they’re only becoming more common. We’re here to introduce some of the warning signs of business scams that you should be aware of. You should also have the most up to date cyber security technology available, as well as to take your employees through formal training specific to your industry so they know what to look out for. If you think your business has been a victim of a scam, you should quickly contact your bank, government officials to report the scam and also investment fraud lawyers to try and recover any lost funds.

Phone Calls

Scams over the phone date are still commonplace, as usually people will call and offer a service, encourage someone to make a verbal agreement over the phone without seeing the full terms and conditions of whatever is being agreed to, and then make them commit to the purchase. Often over time calls can become threatening and blackmail may even be involved. Employees shouldn’t make commitments over the phone, but should ask for in-person meetings or full written details about everything to do with what they’re purchasing. You should also keep a record of all calls within the business.

Phishing

Next we have phishing, which is where a scammer will impersonate someone in a position of authority, whether it’s the bank, a government official, someone from a piece of software that the business uses or someone more senior in the business. Emails will usually encourage you to click a link with a sense of urgency or fear, for example there being suspicious activity in a bank account or one of your marketing platforms has had a business account ban. When you click, it can result in malware being downloaded onto your computer, or it can encourage you to enter sensitive information. Another common scam is an email from someone pretending to be someone senior in your business, asking you to quickly purchase something including a link. Phishing is so common and it’s something that everyone in your business should be very aware of.

Limited Offer

A really common sign of any business scam is a kind of limited offer. Urgency is a key element for scammers, as it gives people less time to think and consider their decision without wanting to miss out on whatever is happening. This is also very common in things like Forex scams, where they’ll frame it as you not wanting to miss out on an opportunity as it will only be available for a very short window. If anyone ever tries to encourage you to quickly make a decision, promises returns quickly or has a sense of urgency about them, you need to back away. Whenever making a decision about a service or investment, take your time and don’t let someone influence you. Doing your own research about the best option is a good way to keep your money safe, rather than waiting for people to approach you.

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