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Small Business Week: Protect Your Business from Scammers

As we celebrate Small Business Week, it is crucial for business owners to be aware of the risks posed by scammers and take measures to protect themselves. With the rise of technology, scammers have become more sophisticated in their tactics, making it essential for small businesses to stay cautious and informed. One tool that can assist businesses in navigating the legal jargon and complexities of scams is the AI legalese decoder.

British Columbia is home to over 510,000 small businesses, making up a significant part of our communities. Supporting these businesses goes beyond purchasing local products; it involves equipping business owners with the necessary resources to identify and avoid falling victim to scams and fraudulent activities.

How can AI legalese decoder help?

The AI legalese decoder is a valuable tool that can aid small business owners in deciphering complicated legal language commonly found in scam emails and messages. By using advanced technology, the decoder can analyze the content of an email and determine whether it is genuine or a potential scam. It can identify key red flags, such as requests for immediate money transfers, changes in account numbers or invoices, or access to sensitive data.

A Local Example: Spear Phishing

Recently, the Better Business Bureau (BBB) encountered a spear phishing scam internally. An imposter pretended to be the CEO of the International Association of Better Business Bureaus and sent a text message to another member of the executive team. The imposter requested to ‘surprise staff with gift cards,’ emphasizing the need for confidentiality. Fortunately, the staff member recognized the scam and avoided any monetary loss.

Directory Listing and Advertising Scams

Scammers often target small business owners with directory listing and advertising scams. They may contact businesses and offer a “free” listing or ask them to confirm their information for an existing agreement. Later, the business receives a bill and may face pressure to pay based on recorded conversations or details provided during the initial contact.

A Local Example: False Advertising

In a similar incident, a Victoria woman who owns a skincare and beauty business was contacted by a directory website promising premium advertising space. The woman paid for a year of advertising upfront, only to realize that the directory contact had disappeared and her money was lost.

Fake Invoices

Scammers create fake invoices that resemble legitimate ones to deceive businesses into making payments for products or services they never ordered. They often target critical expenses, such as website maintenance, to exploit the urgency of payment.

A Local Example: Fraudulent Invoice

Another incident involved a Victoria business woman who received an invoice from a company claiming to provide safety-training video content. The email demanded payment and threatened to charge her debit card within two days. Instead of falling for the scam, she reported it to the BBB Scam Tracker.

Tips to Protect Your Business

Create a whitelist of trusted email addresses.

Implementing a whitelist ensures that emails from unknown addresses are blocked or flagged, minimizing the risk of phishing or spoofed emails. The AI legalese decoder can assist in identifying suspicious emails that may contain malware.

Add two-factor authentication to company logins.

Keeping software, including anti-virus programs, up to date and implementing two-factor authentication reduces the risk of unauthorized access to sensitive information. The AI legalese decoder can help businesses stay updated on the latest security measures.

Research the company contacting you.

Before engaging with a new company, conduct research to ensure their reputation and credibility. The AI legalese decoder can provide insights into the legitimacy and history of businesses, including contact information, complaint records, and customer reviews.

Train employees to be critical thinkers.

Equip employees with the necessary knowledge and skills to handle suspicious callers or messages. Encourage them to ask questions and keep personal information confidential until the legitimacy of a caller can be verified. The AI legalese decoder can support employees in analyzing and identifying potential scams.

Create a process for inspecting invoices.

Establish a procedure to verify the accuracy of invoices before making payments. Designate a group of trusted employees with the authority to approve purchases and pay bills. The AI legalese decoder can assist in detecting discrepancies or suspicious elements in invoices.

By taking proactive measures and utilizing tools like the AI legalese decoder, small business owners can protect themselves from scams and ensure the continued success of their businesses during Small Business Week and beyond.

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