Technology has made communication and transactions more accessible than ever. The risk of falling victim to scams has also increased significantly. For businesses, especially small ones, scams can lead to financial loss, damage to reputation and even legal troubles. Be vigilant.
1) Reluctance to Verify: Legitimate businesses willingly provide verifiable information about their identity, credentials and business operations. If the vendor or supplier hesitates to provide this basic information, it could be a sign to steer clear.
2) Unsolicited Requests for Sensitive Information: Your bank account details, passwords, or personal identification numbers (PINs) should be safeguarded. If you receive an unsolicited email, phone call or message, be on high alert. Heritage Bank will never reach out to request your account number, PIN or password. We already have that information.
3) High Pressure Tactics: A sense of urgency can cause anyone to make hasty decisions. Don’t rush to claim an offer available for a limited time or respond to threats designed to dissuade you from taking a little time to verify the message and source.
4) Unusual Offers of Financial Gain: Be wary of unsolicited offers promising financial windfalls without effort on your part. Whether it's an investment opportunity, a business partnership or a lucrative deal, always conduct thorough research and due diligence before committing your resources or funds.
5) Poor Communication and Grammar: Scammers often use poorly written communications riddled with grammatical errors and spelling mistakes. Legitimate businesses typically maintain a professional standard of communication.
6) Required Advance Payments or Fees: Always think twice about requests to pay part or whole of the cost of goods or services before delivery. In some cases, it is standard for new customers to pay an advance deposit or to pay full charges in advance. Ask for verification that this is a standard practice and an explanation for this policy. You might also be asked to pay in advance if you have a history of paying late. The vendor should be willing to explain why they are exercising caution with your business. It’s important to know who you are dealing with before paying in advance, so you don’t end up swindled.
Vigilance, a healthy dose of skepticism and staying informed will help safeguard your business against fraud. Always report fraud if something seems fishy or suspicious.
Heritage Bank. Member FDIC.
