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Scams are growing in  sophistication. Unfortunately, recognizing them is a necessary skill for entrepreneurs.

Fortunately, you can do it if you stay alert, and stay informed about the ways that fraudsters might try to take advantage of you.

When we’re talking about digital security, knowledge really is power: the power to protect your business and the revenue it brings you.

In this episode, you’ll learn some of the ways criminals prey on entrepreneurs — and definitions of some tips and tools to help prevent them.

  • Episode Transcript

    Here’s a scenario. You get an email asking you to immediately click a link and confirm your banking login and password. You should click it right away. Right?

    Heck no. That’s got scam written all over it.

    And if you recall from our last episode, this is a time to take a deep breath, stop, and scrutinize. Entrepreneurs, let’s make sure you know when to do that.

    Welcome back to From Dollar One by Interac, an audio series that supports entrepreneurs, freelancers, and anyone with a side hustle as they grow their business and protect it, which is what we’re talking about today.

    This episode looks at scams that target entrepreneurs and micro businesses, people like you.

    So back to that email, the one that was asking you to follow a link to type in your banking login and password. Let’s imagine you remembered not to because you know to be suspicious of incoming requests for sensitive information.

    Now you’re on to the second step, scrutinizing. That means checking the URL carefully. That’s the part of the email address after the at sign. Does it exactly match the one from your bank’s website? It should. Can you spot bad grammar and spelling or any other clues that make this email look fishy? This could be a case of phishing.

    That’s phishing with a p h. That’s where a fraudster poses as an organization you trust to try to get you to part with your sensitive information, like your online banking password.

    If you don’t wanna get caught on their hook, you’re going to wanna make sure you spot phishing attempts like these. What other scams might target your business? Here are two more.

    First, there’s whaling. Whaling is like phishing, but in a workplace context. So for example, a message supposedly comes from a contractor or employee asking you to do something, but it’s a hacker trying to get you to compromise the company.

    Then there are package delivery scams. Hey, everyone loves receiving a package, but are you really expecting one? If not, this could be another trick. A fraudster trying to get you to pay fees that you don’t actually owe or reveal sensitive personal information. Alright. So that’s phishing, whaling, and package scams. Three pitfalls to watch out for as an entrepreneur.

    If you visit Interac.ca/DollarOne, you can learn about five more situations, including selling on online marketplaces.

    We’ll be doing a deeper dive into that on the next episode. See you then.

     

This article offers general information only and is not intended as financial, legal or other professional advice. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Interac Corp.