TL;DR: Small businesses handle regular payments without dedicated fraud-prevention staff. Verify any change to payment or bank details by phone using a known number, require a second approval step for wire transfers, and train staff to slow down on urgent payment requests.
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Small businesses handle regular payments without dedicated fraud-prevention staff.
Common Tactics Used
Invoice fraud with slightly altered vendor bank details, business email compromise where an executive's account is spoofed to request an urgent wire transfer, and fake vendor or utility shutoff threats are common.
How to Protect Against It
Verify any change to payment or bank details by phone using a known number, require a second approval step for wire transfers, and train staff to slow down on urgent payment requests.
What Family and Friends Can Do
Sudden secrecy about money, unusual withdrawals, or a new online relationship that stays undisclosed are all worth a calm, judgment-free conversation. The earlier a scam is caught, the more can usually be recovered.
If this looks similar to something else you've seen, it's worth reading Scams Targeting Small Online Sellers.
This pattern shows up elsewhere too — see Scams Targeting Veterans.
Frequently Asked Questions
Why are they specifically targeted?
Small businesses handle regular payments without dedicated fraud-prevention staff.
What tactics do scammers use?
Invoice fraud with slightly altered vendor bank details, business email compromise where an executive's account is spoofed to request an urgent wire transfer, and fake vendor or utility shutoff threats are common.
How can they protect themselves?
Verify any change to payment or bank details by phone using a known number, require a second approval step for wire transfers, and train staff to slow down on urgent payment requests.
What should family or friends watch for?
Sudden secrecy about money or new online relationships, unusual withdrawals or wire transfers, and reluctance to discuss a new "opportunity" or contact in detail are all worth a gentle, non-judgmental conversation.
What should I do if I think this has already happened?
Stop all contact and payments immediately, report it to the appropriate authority, and contact the bank or payment provider involved to see what can be recovered.