Tips to keep your business safe from fraudsters and scammers

Tekedia received this from one of our partner institutions; happy to share with the community on tips from a US bank.

Fraud and scam events are on the rise! Learn about the following scams to help keep your business accounts safe and secure.

Impersonation scam
A scammer will try to pose as a Capital One associate and ask you to provide your personal information or even transfer money by phone, text or email. In this process, the scammer is attempting to gain access to your business account or funds.

Pro tip: Capital One associates will never call you and ask you to provide your online banking password over the phone. If you receive an unsolicited call, consider hanging up and calling Capital One using the number found on your bank statements, the back of your debit card or the Small Business Support page.

Business email compromise
A scammer may disguise themselves as a trusted entity and use email messages to request a transfer of funds. Spot these scams before losses are incurred by looking for indicators such as altered email addresses, last-minute recipient changes and unexplained urgency.

Pro tip: Avoid sharing confidential business or personal information, and clicking links or attachments before confirming that you are communicating with a trusted source. If receiving payment instructions via email, consider calling the recipient to verify the information over the phone.

Check fraud
Check fraud related to mail theft continues to increase, putting your business checks, tax refunds and government benefits at risk. As a best practice, monitor your business bank account online daily to confirm the checks you sent have been cashed, and report any suspicious activity to Capital One immediately.

Pro tip: Consider using our new online payment methods for faster and safer money movement, or send checks digitally from your bank dashboard using Bill Pay.

Other tips to help you protect your business

• Keep an eye out for notifications regarding your account. We’ll notify you when activity takes place, such as wires or transfers, so you can alert us of any suspicious activity. Beware of spoof emails where a fraudster may send an email that looks like ours. To stay safe, make sure the email is coming from a capitalone.com address.
• Turn on additional activity notifications for your Small Business bank accounts. In addition to standard confirmation emails, we offer additional notifications that can help you monitor any money coming in or out of your account. Sign up today to receive transaction alerts via email, SMS and push notifications that can help you immediately spot suspicious activity.
• Don’t click on links in an unsolicited email or text message asking you to update or verify account information. Look up the company’s phone number from a legitimate source and never use the one a potential scammer is providing. Remember to call the company to ask if the request is authentic.
• If ever in doubt, call Capital One at the number listed on a bank statement, debit card, or the Small Business Support page.

We’ll keep you updated as scam techniques evolve. It’s all part of how Capital One is looking out for your business’s financial safety every day.