For Small Business Week, Better Business Bureau reveals top scams targeting business owners

No business is immune to scams — but small businesses, in particular, can be easy targets.

Without the cybersecurity infrastructure or strict accounting procedures of larger companies, small and local businesses often face unique vulnerabilities. The good news? Staying informed is your best defense.

Common scams affecting small businesses include phishing attempts, which are the most prevalent and usually come through email or text, disguised as legitimate messages. Click the wrong link, and you could end up downloading malware or unknowingly giving away sensitive information such as credit card numbers or banking details. The safest move? Don’t click on unsolicited links. Instead, hover your mouse over the link to check the real web address and ensure your devices are equipped with firewalls and up-to-date security software.

A new hot scam being reported to the BBB from around the country involves fake job applicants for remote positions. A hacker posing as a job seeker applies and even does video interviews, and if hired, once inside the company can cause big problems stealing information and installing malware.

Business email compromise is particularly damaging. A scammer pretends to be a vendor, boss, or trusted contact and requests wire transfers or sensitive data. These requests often seem urgent and convincing. This kind of fraud has cost U.S. businesses billions and continues to be a major threat in Canada, as well. Always verify payment requests — especially if they involve gift cards, wire transfers, or updated payment instructions.

Ransomware attacks lock down your data until you pay the hacker. These attacks increasingly are aimed at smaller businesses. Prevention is key — install strong cybersecurity tools, train your team not to open suspicious links, and back up your data regularly.

Phony invoices are when scammers send fake invoices for services or products you never ordered. Often, these are small enough to slip through unnoticed, but they can add up. Check the fine print; it might indicate a “solicitation” rather than an actual bill.

Tech support scams include calls pretending to be from tech support, claiming there’s a problem with your system. Their goal? To gain access or convince you to pay for a fake fix. Never grant remote access or give out information unless you initiated the support call yourself.

Brand or identity hijacking occurs when scammers use your business name or logo to create fake websites or ads. While your company may not lose money directly, it can seriously hurt your reputation when customers think you’re behind the scam. Monitor your online presence and alert customers if you see signs of impersonation.

Overpayment scams are when someone overpays you with a check and asks for the balance to be wired back. Eventually, the check bounces and you’re on the hook for the full amount. Never refund or forward money until a payment has fully cleared.

Office supply scams include fraudsters pretending to be a vendor you work with, offering a great deal on supplies. Often, they’ve done some homework to make it sound believable. But the supplies never arrive. If a deal sounds too good to be true, it probably is.

With AI technology getting better, scammers now are using deepfakes — fake audio, video, or texts — to impersonate company executives or partners. These fakes can be incredibly realistic and are used to manipulate employees into transferring money or sharing confidential data.

Small businesses often are approached for donations. While many are legitimate, others are not. To stay safe, research organizations before donating at trusted sites such as Give.org.

Tips to avoid getting scammed:

• Keep detailed records of all purchases and vendor communications.

• Use multi-person approval for larger payments or financial decisions.

• Be cautious with wire transfers, prepaid cards, and gift cards — scammers love untraceable payment methods.

• Verify vendors before making payments. Know who you’re doing business with.

• Limit the information you share, especially with people you don’t know.

• Secure your tech — use firewalls, antivirus software, and stay updated on patches.

• Educate your employees. Awareness is powerful. The more your team knows, the better they can help protect the business.

Knowledge is your best line of defense — share it with your team, your network, and fellow small business owners. Staying alert today can save you a major headache tomorrow.

• Steve J. Bernas is president and CEO of the Better Business Bureau and can be reached at sbernas@chicago.bbb.org.