Listing Some of the Worst Scams Your Business Could Deal With

Small businesses, like any other entities, can be vulnerable to various computer scams. Scams can have an unsettling effect on how your business runs, as it always keeps doubt—even if you do everything you can to mitigate risks—to whether you are going to be the victim of a horrible Internet-based scam. Here's a list of common computer scams that small businesses should be aware of.

Phishing Attacks

The predominant form of phishing is email phishing. This is when scammers send users fraudulent messages that appear to be from a reputable source, tricking them into revealing sensitive information or clicking on malicious links. There are all different types of phishing attacks. One of the most common is called spear phishing. These are attacks against specific targets that are customized for the recipient, which can be very sophisticated. 

Ransomware

Ransomware is malicious software that works to encrypt a user's or organization’s data and demands payment, usually in cryptocurrency, for their release. Nowadays, ransomware seems to be almost pervasive and can be deployed through multiple means; although phishing remains the most common infection vector. As ransomware becomes more and more common, hacker strategies have varied quite a bit, but the end result is always encrypted files and extortion.

Business Email Compromise

It doesn’t sound like it would be so dangerous with a name like that. Unfortunately, that’s not the case. BEC is when cybercriminals compromise business email accounts to conduct unauthorized transactions or gain access to sensitive information. With as much as a quarter of the American workforce working remotely, organizations can’t afford to have a crucial communications system like email compromised by fraudsters. 

Fake Invoices and Billing Scams

Shameless opportunists will do whatever they can to get over on you. Scammers send fake invoices, often mimicking legitimate vendors, and trick businesses into paying for goods or services that were never provided. This type of scam is typically caught, but all it takes is one payment going in the wrong direction to put your business at risk. 

CEO Fraud

The CEO fraud is especially audacious. This scam includes the impersonation of top executives or CEOs through email to request urgent financial transfers or sensitive information. So effectively, combating this fraud is much the same as combating phishing. Users need to verify that any correspondence they get that demands immediate action is being sent from the person it claims to come from. 

Malware and Spyware

Malicious software that can infect systems, steal sensitive data, or enable unauthorized access. Most of the time these malignant strains of code are allowed onto a business’ network through successful phishing attacks, but there are a myriad of ways malware and spyware can cause havoc. 

Social Engineering

Social engineering is the act of manipulating individuals within an organization to divulge confidential information or perform actions that may compromise security. This happens over time. The scammer will find out personal information about an individual and then set out to get them to provide access to company-hosted technology. Many people that fall for a social engineering scam will never know it was them who was compromised. 

To protect against these scams, small businesses should prioritize cybersecurity measures, such as employee training, regular software updates, strong password policies, and the implementation of reliable security software. You will also want to stay informed about the latest cyberthreats to ensure that you know how scammers will come at you and your employees. Give us a call at (202) 640-2737 to learn more about how we can help.