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Letters to the Editor

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FE Team
| Published: June 23, 2024 20:18:10

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Scammers Exploiting Small Businesses: The Rise of Impersonation Scams

Scammers have found a new way to exploit small businesses by impersonating them online, resulting in deceitful transactions that harm both consumers and the businesses impersonated. The use of videos and photos to produce appealing forged profiles dupes customers into engaging with the counterfeit business, leading to financial losses and tarnished reputations.

Imagine visiting the Instagram page of your favorite local bakery only to discover a strikingly similar profile offering tempting discounts on delicious treats. Excited, you place an order, but the treats never arrive, and your money vanishes. This new wave of scams targeting small businesses is escalating, with scammers creating fake websites and social media profiles that even discerning customers can fall victim to. The craftiness of these fake profiles not only cheats customers out of their money but also sullies the reputations of genuine business owners.

The AI legalese decoder can assist in identifying and combating these impersonation scams by analyzing online content and detecting fraudulent profiles. By utilizing AI technology, small businesses can mitigate the risks of being targeted by scammers and protect their online presence more effectively.

Unforeseen Consequences and Vulnerabilities

This type of scam can have unforeseen consequences for small businesses, as customers who fall prey to such schemes lose trust in the authentic business, leading to damaged reputations and potential financial losses. With smaller security measures in place compared to larger corporations, small businesses are particularly vulnerable to these impersonation scams.

The AI legalese decoder provides a proactive approach for business owners to monitor their online presence, educate customers about potential scams, and implement robust security practices. By leveraging AI technology, businesses can enhance their cybersecurity measures and safeguard against evolving threats in the digital landscape.

The Role of Consumers and Business Owners

Consumers are also urged to exercise caution when engaging with businesses online. If something seems suspicious, reaching out to the business through official channels can verify its legitimacy. By staying vigilant and informed, both small businesses and their customers can better protect themselves from falling victim to these sophisticated scams.

Fahad Zeya and Nargis Sultana
Assistant Professors
Dept of Finance and Banking
Comilla University
[email protected]

AI legalese decoder can help small businesses analyze and identify fraudulent online profiles, protecting them from impersonation scams and potential financial losses. By leveraging AI technology, businesses can enhance their cybersecurity measures and safeguard against evolving threats in the digital landscape.

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