1. Business

Scams Businesses Should Watch Out For

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Fending off fraud and scams is a constant battle for businesses of all sizes. In this article, we'll explore the kinds of corporate malfeasance that entrepreneurs should be aware could happen in their company.

Digitalisation of Businesses and Scams

Protecting your business from corporate fraud can be a daunting task. But with the right knowledge and tools, you'll never need to worry again! This article provides an overview of some common types of scams that businesses fall victim to – learn what they are so you know what to watch out for!

With digitalisation, any company can benefit from the lucrative side. The benefits are not only available for those who offer useful services and it is also an opportunity for scammers to access other establishments' funds by illegal means.

With the rise in popularity of online transactions, scammers have taken notice and started targeting businesses under false pretenses. It can be surreal to think that someone would register a business just so they could scam other companies' products or services but this happens on a daily basis!

Keep Your Eye Out for These Scams

You may think you're safe from corporate fraud, but the truth is that there are many scammers out in this world. So to protect your business, make sure you recognise these scams.

  • Fabricated Invoices – With the rise in prevalence of invoice scams, it's more important than ever to stay on top of your game. These scammers will create fake invoices that look legitimate and can be for anything from office supplies all-the way up into domain hosting!

    The account person should verify that the invoice is indeed from a registered business before paying it.

 

  • Directory Listing Scams – By agreeing to a “free” online directory listing, your company may be able to attract new clients. But when it comes time for payment at month's end you'll receive an invoice that will make any budget crumble! You have shared information with these people so they can accurately bill your establishment. They can also file a complaint if you don't pay even if they promised in the beginning that it is “free.” 

 

  • Equipment Leasing Scams – There are many companies out there who'll promise anything if you're looking for ways to reduce costs. However, one should never forget that all they do is take advantage of your situation. A corporate scammer will offer empty promises like lower costs or more value and make you sign an agreement. However, this agreement could mean legal trouble down the road.

    When you are dealing with important business documents, make sure to take note of every word. If a salesperson requests that key terms be left blank, they can change them after the deal has already been agreed upon. They're trying to capitalise on your trusting nature by taking advantage and even scamming you.

 

Ask for Help to Increase Your Cybersecurity

When considering whether or not to work with a company, it's important that you assess their legitimacy. Do your due diligence and look up the business before making any transactions! Get tangible proof of operations as well as feedback from past customers so there will be no surprises.

The key to success when outsourcing your business is finding a credible company that will add value and not just take advantage of you. When dealing with payments, only work together if there's a legally sound agreement in place for payment terms!

 

We all know how difficult it is to find a trustworthy company that can process payments; however, Macropay has been proven as one of the most reliable processors. Get in touch with them here.

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