In 2019, there were more than 23,000 business email scams nationwide. The result? $1.7 billion in losses.

2020’s ongoing pandemic has forced many entrepreneurs to change the way they do business. Unfortunately, this leaves us prone to coronavirus-related scams and other types of cybercrime.

In this post, we’ll educate you about some common business scams in 2020. We’ll also offer practical advice on how to keep your business safe. Read on!

4 Common 2020 Business Scams

Here’s a brief overview of common scams hackers are using to target businesses.

1. Government Check Scams

The CARES Act and other government-sponsored funding have helped many small businesses stay afloat this year. So what’s the bad news? Hackers and fraudsters have also taken full advantage of these schemes.

The scam usually involves a phone call or email informing you that your business is eligible to receive money from a government agency. The scammer might go one step further and send a bogus check in hopes of getting your banking details.

2. Public Health Scams

These business scams involve calls or emails that are “supposedly” from the CDC, WHO, or similar public health organization. You might receive a phone call asking for your business tax ID, social security numbers, or other sensitive information.

A scam email might ask you to download a document or click on a link that appears legitimate. When you do, it downloads malicious software (malware) onto your computer and allows hackers to steal confidential information.

3. IT Scams

These sneaky business scams can catch any of your employees unaware. Someone calls pretending to be from the company’s IT department and asks for a password. Or they might ask the user to download software or a business document.

They’ve probably done enough research to make it sound legitimate. (“I just talked to Susan in HR” or “Here’s the link to our new teleconference platform for the meeting on Friday.”)

4. Business Email (CEO) Scams

Similar to the IT scam, this scam appears in the form of an email or message from someone higher up in the company — perhaps the president or CEO.

It could be a request to transfer money, reveal a password, or share gift card codes. The scammer makes it appear legitimate by including the CEO’s contact details and making it appear the message came from his email address.

How to Keep Your Business Safe

Far from the obvious scams (like a letter from a Nigerian prince), today’s cybercriminals are incredibly clever. It’s getting more and more difficult to spot those red flags that signal a scam.

The best offense is a good defense, so start by educating your employees about these common business scams. Teach them (and yourself) how to spot phishing scams and breaks in procedures. Stress the importance of validating any unusual requests before downloading something or sending sensitive information.

If you have remote employees, offer advice on how to keep their home network secure. Assign someone in-house to handle any inquiries if an employee suspects a scam.

Could Outsourcing Improve the Way You Do Business?

With everything else on your plate, you might not give much thought to potential business scams and fraud. It’s vital to be aware of the most common scams, though, so you or your employees don’t unwittingly become victims!

Are you struggling to manage your time effectively? Do you find yourself spending more time in the back office than being at the forefront of running your business?

We can help. Click here to learn how outsourcing payroll and other necessary tasks can transform the way you operate your business.