Rising Business Scams: What You Need to Know
Today’s technology is rapidly advancing, and many business owners are taking advantage of AI-driven software in their everyday operations. While these advances are undeniably helpful, cybercriminals are taking notice and using them to put new twists on classic scams to try to steal company funds and private data. Continue reading to explore rising scams that leverage new technology and review best practices to prevent your business from being defrauded.
Deepfake impersonations
Communications that are created using AI-generated images, videos or audio are called deepfake impersonations. Deepfakes can be difficult to recognize as they are nearly indistinguishable from genuine, unedited communications. Recent improvements in artificial intelligence have greatly reduced the amount of time needed to create a passable fake and extended the use of deepfakes beyond the internet and into everyday phone calls.
Imagine you receive a call from someone claiming to be from your company or a business with which you work. Not only does the caller know the name and personal details of the individual they are impersonating, but they may also even sound like them. While the call may be genuine, it is possible that the “person” on the other end of the phone is an AI-generated voice used by scammers in an attempt to steal sensitive information or money from your business.
Automated calls are nothing new; however, with the addition of deepfakes, it has elevated the importance of being suspicious of any communications that urgently request money or sensitive data—especially from a source that does not normally make such requests. It is always best to take the extra time to confirm the validity of an unprompted request for private data or funds by verifying the request with the caller using a known phone number or email address, as well as going through the proper business channels.
Fake SaaS invoices
Many companies take advantage of Software as a Service (SaaS) products, which enables businesses to have instant access to the most up-to-date versions of software a vendor provides through a paid subscription.
Fraudsters may attempt to take advantage of the convenience granted through these recurring subscriptions by sending a fake invoice for a SaaS product in an attempt to gain sensitive information or defraud the targeted company. As businesses may be enrolled in multiple SaaS products with recurring payments, scammers count on the fraudulent invoice to be overlooked and processed with legitimate payments.
To avoid becoming a victim of a fake SaaS invoice scam, it is recommended to always process business-related payments through your company’s established procedures. It can also be useful to keep a running list of every SaaS product your business utilizes to help those in charge of payments determine which invoices are legitimate and which are not.
Cryptocurrency investment scams
As a business matures, it may look for ways to diversify its assets and grow funds. Investment scams take advantage of this desire by offering deals that promise huge returns on investments at little to no risk. A trending investment scam that is targeting businesses involves cryptocurrency, where scammers present themselves as legitimate investment firms and try to persuade you into purchasing cryptocurrency and transferring it to your “investment account.” Shortly after the funds are transferred, the fraudsters will disable access to your account and swipe all available funds, leaving your business with a loss.
While cryptocurrencies are growing in popularity, it’s important to remember that they are different from traditional currencies and should not be treated in the same regard. Cryptocurrencies are not backed by a government, nor do they enjoy the same legal protection. They also constantly change in value, making them a high-risk option as an investment vehicle. The best way to avoid this type of scam is to seek the advice of a professional financial advisor.
Protect your company with myTrustmark® BUSINESS
When it comes to protecting your accounts from financial scams and fraud, you can rely on the powerful tools available with myTrustmark BUSINESS online banking to help monitor activity on your account and keep your money safe. You will gain access to transaction reports and customized alerts for account activity, such as suspicious purchases, unusual dollar amounts and more—all designed to help you quickly take action should a fraudster target your company’s finances.
To learn more about Trustmark’s online banking services and how you can protect your business, visit our Business Online Banking page or contact our Corporate Treasury Services team.
