How Scammers Are Draining Bank Accounts of Small Businesses, and How You Can Stop Them

Managing employees, handling payroll, serving customers, and striving to grow are tasks that every small business owner works toward on a daily basis. But scammers and cybercriminals pose a significant threat that can thwart these diligent efforts without warning.

According to the Better Business Bureau (BBB), over 3,600 businesses have reported scams since 2022, and that’s just the tip of the iceberg.  

A 2024 BBB study found that over 80% of businesses have encountered a scam attempt in the past year. Many didn’t report the fraud, either out of embarrassment, uncertainty, or the belief that it wouldn’t help.

Among those who did, nearly half suffered actual losses, with over 30% losing $1,000–$10,000—and some more than $250,000.

When Scams Derail Real Businesses

The BBB’s “How impostors, stolen data, and fake services cost businesses billions” offers a glimpse into the economic and emotional toll of business-targeted scams.

Consider the story of David, a Nebraska gas pump repair business owner. After wiring over $20,000 for equipment on a professional-looking website, he realized the seller had cloned a legitimate business and vanished with the money.

In another case reported by the agency, Linda and her husband, who run a commercial cleaning business in Mississippi, were nearly duped by a classic fake check scam. A “client” sent them a payment, then asked for sensitive bank information under the guise of confirming the deposit.

These aren’t isolated incidents. According to the study, the most common business scam types include:

• Phony invoices or vendor impersonation (29%)
• Government agency impersonation (26%)
• Fake directory, advertising, or website listing services (24%)

Scammers take advantage of urgency, impersonation tactics, and technology to appear legitimate, often contacting employees directly via email, text, or social media.

Red flags that no small business owner should ignore:

• Requests for gift cards, wire transfers, or prepaid debit card payments.
• Urgent calls or emails about expiring licenses or domain names.
• Unknown businesses, vendors, or clients offering unusually lucrative deals.
• Invoices or requests coming from suspicious or lookalike emails.
• “Known” contacts suddenly acting out of character.

Tips to Outsmart Fraudsters

You don’t need to become a cybersecurity expert overnight, but awareness and preparation can make all the difference. The BBB recommends:

• Training employees to recognize red flags.
• Verifying vendors and double-checking payment details.
• Establishing strict payment and invoicing procedures.
• Avoiding untraceable payment methods like wire transfers and gift cards.
• Using strong digital security measures like firewalls, MFA, and verified software.

Business Protection Goes Beyond Awareness

Even the most diligent business can fall victim to a well-crafted scam. That’s why it’s critical to pair awareness with advanced cybersecurity.

Bitdefender Ultimate Small Business Security protects your business from ransomware, phishing, and data breaches before damage is done. With 24/7 threat prevention, identity protection, and device-level security, it acts as a digital bodyguard for your employees and systems, so you can focus on growing your business, not cleaning up after scammers.

By staying informed and proactively securing your business, you’ll reduce your risk and protect everything you’ve worked hard to build.