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BBB column: Avoiding common business scams | Business

Credit Card Scams

BBB column: Avoiding common business scams | Business

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Running a successful business is tough enough without throwing fraud into the mix. According to the Association of Certified Fraud Examiners (ACFE), U.S. businesses will lose an average of five percent of their gross revenues to fraud. And while fraud is a problem for all businesses, small businesses are the most susceptible. Statistics show that small businesses lack the proper tools or training to prevent fraud from occurring in their businesses.

“While we often think that consumers are the only targets of scam artists”, said Mechele Agbayani Mills, President and CEO of BBB Serving Central East Texas. “Businesses are prime targets of scammers, as they often have easy access to funds and scam artists may use the different levels of communication within a business to cause confusion.”

BBB provides the following overview of common scams which target small businesses:

Business Email Compromise (BEC). Business email compromise fraud is an email phishing scam which typically targets those who pay the bills for a business or organization. It has resulted in more losses than any other type of fraud in the U.S., according to the Federal Bureau of Investigations.

In BEC fraud, the scammer poses as a vendor or other trusted source who sends an email to an accountant or chief financial officer. The email asks them to wire money, buy gift cards or…

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