Common Business Scams To Avoid

It seems that no matter what kind of business you’re in, there is no avoiding the lurking doom of a scam. Especially if you are new to the game, you might be more susceptible to these threats if you aren’t fully aware of what and how to avoid them.

In this guide, we will talk about what common scams, new and old, are still lurking in the shadows of business and what measures you can take to avoid them or if, unfortunately, you’re already a victim, how to come back from them.

Business Identity Theft

That’s right, you can steal the whole identity of a business and it isn’t just targeting individuals. This type of scam typically occurs when someone poses as a decision-maker at your company, making purchases or adding on bad debt that will eventually surprise you when you get a letter through the door with a huge outstanding number.

It’s recommended you check your finances regularly, looking over credit reports to ensure all charges are accurate and legitimate. If there are ways to get this done out of the house to avoid any anxiety or potential lying on the books, that could be a viable option.

Imposter Scam

If someone calls you, pretending to be from a government agency or another trusted entity, they will proceed to request sensitive information like passwords or banking details. This is a common scam that hits businesses and individuals daily. We’ve all had that “your parcel is waiting for you” email from an imposter for Amazon.

Business Lending Scams

If you’re looking for a business loan, you should keep out and avoid deals that offer overly gracious terms. If it’s starting to look like it’s too good to be true, then it probably is.

Overly gracious terms will often include the promise of outstanding rates, even if your credit needs some work. You will only get access to these kinds of loans if you pay an upfront fee and this is where they get you. You see these types of scams with romance scams, cryptocurrency scam recovery issues and forex trading scams.

Cyber Threats

Due to their larger bank accounts, businesses are frequently the target of hackers. It’s like moths to a bright light; they will usually go big or go home but that doesn’t mean small businesses are immune; it is more likely to be viewed as an easier win. Should sensitive information at your business be compromised, you might soon receive messages from con artists requesting money. Even worse, they might manage to get hold of the company email and use it to retrieve bank account details.


If any of the above happens, there are investment fraud lawyers who can help retrieve stolen funds. If you can provide a start to what has happened, there are ways now that the government and law enforcement can restore and retrieve what has been wrongfully stolen.

It’s also important to note that there are many more types of fraud, scams and theft that businesses, including your small business, are exposed to. Be sure to take the correct precautionary steps in-house and externally.