# Keeping your business safe : How to spot the signs and avoid the latest scams Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-01-11 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Protecting Your Business: Tony Mills' Insights on Meta Description: Learn how to stay safe from business fraud and scams in the current landscape, with key insights from Tony Mills, Director of Online Tax Rebates. URL: https://financedigest.com/keeping-business-safehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/keeping-your-business-safe-1736840151684-compressed.jpg) _By **Tony Mills**, Director,_ [_Online Tax Rebates_](http://www.onlinetaxrebates.co.uk/) Whether you’re just starting your own company or you’re well on your way to the next stage of business growth, suffering a financial hit could be hugely detrimental. With so many communication tools available, scams are becoming more sophisticated and prevalent every year. In fact, according to [research](https://newsroom.barclays.com/r/3585/barclays_launches_major_drive_to_help_smes_tackle_cybercrime), nearly half of businesses (44 per cent) have found themselves a target of scammers and almost one in four (23 per cent) have become a victim. With businesses facing a higher level of risk than ever before, Tony Mills, Director of [Online Tax Rebates](http://www.onlinetaxrebates.co.uk/) offers his key insights to help you stay safe in increasingly uncertain times… **Getting to know the scammers** To be one step ahead, you need to [keep up to date with the current business](https://www.financedigest.com/keeping-an-eye-on-company-purse-strings-where-do-businesses-go-wrong.html "Keeping an eye on company purse strings – where do businesses go wrong?") fraud landscape. The unfortunate truth is that any business can become the target of fraudsters, made easier by the fact scammers can depend on a wealth of information about your organisation listed on publicly-accessible websites, directories and Companies House. Criminals can also utilise the clearing cycle (common for conventional business-to-business [payments via cheque and bank](https://www.financedigest.com/can-banks-acquire-customers-with-biometric-payment-cards.html "Can banks acquire customers with biometric payment cards?") drafts) to try and persuade companies to refund a payment to them before the original funds have cleared. Many fraudsters are also shifting their focus to [business tax](https://www.financedigest.com/employee-retention-tax-credit-is-a-lifeline-for-businesses.html "Employee Retention Tax Credit is a lifeline for businesses"), tricking unwitting victims with the tempting promise of a rebate. Scammers will send out emails that appear to be from legitimate third-party tax rebate providers (or HMRC) about a [potential refund that your business](https://www.financedigest.com/the-real-potential-of-web-3-0-and-blockchain-for-business.html "The Real Potential of Web 3.0 and Blockchain for Business") might be eligible for. After, you will find yourself directed to an external website where you will be asked to fill out a form designed to get you to divulge sensitive information. Unfortunately, by completing this form, you will be passing information on to criminals who may [sell or use it to defraud you out of business funds](https://www.financedigest.com/nissan-pushes-partner-renault-to-sell-down-stake-may-raise-funds-source.html "Nissan pushes partner Renault to sell down stake, may raise funds -source"). To prevent this, you should never disclose any personal or [payment information to companies](https://www.financedigest.com/why-are-companies-implementing-crypto-payments.html "Why are companies implementing crypto payments?") you haven’t approached personally or to HMRC (who will only contact you via post or through your employer). **Keep alert** When it comes to the way we communicate, there have never been more options available. There’s now post, email, telephone, website forms and [social media](https://www.financedigest.com/top-social-media-growth-companies-in-the-uk.html "Top Social Media Growth Companies in the UK") to contend with. With more communication channels, fraudsters can now target [businesses in numerous ways](https://www.financedigest.com/4-ways-small-businesses-can-save-money-while-outsourcing.html "4 Ways Small Businesses Can Save Money While Outsourcing"). For instance, scammers are still using traditional methods like the post (for invoices and cheques) to deceive businesses. They will also telephone [companies and request](https://www.financedigest.com/australian-state-balks-at-energy-companys-request-for-help-with-lng-import-terminal.html "Australian state balks at energy company’s request for help with LNG import terminal") a contact name whom they can send the invoice to, often posing as a supplier. A written request is then sent advising you that they have [changed the banking](https://www.financedigest.com/climate-change-fight-a-core-duty-for-central-banks-ecbs-villeroy.html "Climate change fight a ‘core duty’ for central banks – ECB’s Villeroy") details used to receive regular payments. Make sure you undertake an independent check with the company asking for their [bank details to be changed](https://www.financedigest.com/change-is-inevitable-how-banks-need-to-adapt-to-customers-new-banking-habits.html "Change is inevitable – how banks need to adapt to customers’ new banking habits") using a recognised telephone number, not the one used in the letter. It’s also good practice to never publish your business’ [bank account](https://www.financedigest.com/scams-avoided-how-to-prevent-bank-account-scams-in-2023.html "Scams Avoided: How to Prevent Bank Account Scams in 2023") details online in case the site is cloned and your customers or suppliers become a victim of fraud. [Businesses also need](https://www.financedigest.com/small-businesses-and-scams-what-you-need-to-know.html "Small businesses and scams: What you need to know") to be careful of how they use social media, with scammers now embracing increasingly elaborate ‘phishing’ scams to help convince social media users their account has been deactivated and prompting them to ‘log on.’ Most scams like these are usually delivered via [email with another company’s branding and email address](https://www.financedigest.com/how-to-create-a-professional-email-address.html "How to Create a Professional Email Address"). Look for small formatting or spelling mistakes, dodgy security certificates (secure sites should feature a padlock in the browser address bar) and contrived email addresses to spot a fake. **Be prepared** As well as keeping up-to-date with the scam landscape, it’s also vital you make sure any employee on the front line of communications (answering the phone, collecting mail and answering emails) is informed about the ways scammers might attempt to trick them. Encourage your team to routinely update their passwords every couple of months and use long ‘passphrases’ with random words with spacing as opposed to one-word passwords to make your [data less vulnerable](https://www.financedigest.com/spotting-the-signs-of-potential-financial-vulnerability-through-policy-history-data.html "Spotting the signs of potential financial vulnerability through policy history data"). You can even activate multi-factor authentication and password encryption [software onto every online account](https://www.financedigest.com/is-your-accounting-software-holding-you-hostage.html "Is your accounting software holding you hostage?"), to add an extra layer of protection. It’s also important you consider the possibility of an [internal threat](https://www.financedigest.com/credit-squeeze-biggest-threat-to-economic-outlook-fidelity-international-says.html "Credit squeeze ‘biggest threat’ to economic outlook, Fidelity International says") from an employee. Make sure no one [person has full control over all the accounting duties in your business](https://www.financedigest.com/should-you-take-out-a-personal-loan-to-start-or-grow-your-business.html "Should You Take Out a Personal Loan to Start or Grow Your Business?"). Ensure you have graded permission [controls in place that only let employees access the company](https://www.financedigest.com/companies-are-empowered-to-retain-control-with-alternative-routes-to-liquidity.html "Companies are empowered to retain control with alternative routes to liquidity") data they crucially need. **Report it** It’s [important to remember any business](https://www.financedigest.com/software-to-display-your-businesss-important-information.html "Software to Display Your Business’s Important Information") (no matter how big or small) can fall foul of resourceful scammers. Unfortunately, many [businesses do not report](https://www.financedigest.com/title-gallium-68-market-research-methodology-business-opportunities-and-analysis-report-by-2031.html "Gallium-68 Market Research Methodology, Business Opportunities and Analysis Report by 2031") instances of fraud because of fears about lasting damage to their reputation. However, should the worst-case scenario occur, make sure to report the scam. If your company has lost money due to fraud or you receive any dubious communications, report it to [Action Fraud](https://www.actionfraud.police.uk/), the national fraud and cybercrime reporting centre. Being informed is the best method of defence, so keep yourself (and your staff) updated on all the latest [tricks around if you want to safeguard your business from increasingly sophisticated scamming](https://www.financedigest.com/uk-banks-told-to-reimburse-customers-tricked-by-scams.html "UK banks told to reimburse customers tricked by scams") techniques. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---