Opinion: Protecting business from scams has never been more crucial

Pamela Hernandez

Scams are hitting businesses hard. According to one report, nearly 80% of businesses were targeted by fraud attempts in 2024. And when scams are successful, business owners can lose hundreds of thousands of dollars.

Since 2022, there have been over 3,600 reports of business scams to BBB Scam Tracker. Scammers target businesses because they have access to sensitive information and money, and small businesses in particular don’t always have strong cybersecurity defenses to fend them off.

The scams business owners reported to BBB from 2022-2025 involved employee and vendor impersonations, theft of social media accounts, data breaches and many more scam types. Reports to BBB and federal agencies show billions of dollars lost to business scams each year.

In BBB’s new International Investigations Initiative study, released in June, we’re sharing information on the most common business scams, how to avoid them and what to do if you experience fraud.

Long story short, if your business has experienced a fraud attempt, you’re definitely not alone. The best way to protect your business is to make sure you and your employees know the signs of a scam and how to respond.

What are the signs of a business scam?

• Outreach from unknown businesses, government agencies and big-ticket buyers.
• Invoices from unexpected emails.
• Odd behavior from known vendors or businesses.
• Requests for gift card or prepaid debit card payments.
• Urgent demands to renew or obtain licenses or trademarks.
• Claims about expiring domain names.
• Consultants making big promises about helping your business.

How can I protect my business, employees?

1. Train employees to recognize scams. Most scams can be avoided with proper education. Let your employees know about common scams, what to do if they are approached by an unknown source and how to follow cybersecurity best practices.
2. Establish payment procedures. Create a framework for payments that builds in security measures. Double-checking a source through another means of communication or with prior records can help avoid future headaches.
3. Research unknown companies asking to do business. Scammers know business owners want new customers. Be wary when an unknown company or business makes grand offers.
4. Install firewalls, multifactor authentication and other security measures. Cybersecurity practices are vital to avoiding ransomware and data breaches. Keep software up to date, hire consultants to review practices and ensure your IT systems are safe.

Pamela Hernandez is regional director for the Better Business Bureau. She can be reached at phernandez@springfieldbbb.org.