Business Scam Alert: What to Watch for Right Now

3-minute read

Key Takeaways

• Real government agencies won’t pressure you to move money, lie, or keep secrets from your financial institution 
• Requests that create urgency are a red flag—pressure is a common scam tactic 
• Never click links in unsolicited messages—go directly to the source instead 
• Always verify payment requests or changes using a trusted contact method 
• A quick pause to confirm details can save time, money, and stress 
• If something feels off, act quickly and reach out to your financial institution
  

Scams targeting businesses aren’t new—but they are getting more convincing. A quick email, a phone call that feels official, or a request that seems routine can turn into a costly mistake if you don’t take a moment to verify it.

Scammers may pose as vendors, government agencies, and service providers—some familiar, some not—blending seamlessly into everyday business activity.

According to the Better Business Bureau (BBB), thousands of businesses report scams each year, highlighting just how common these situations have become. The financial impact is significant: BBB investigations and federal data show that businesses across the U.S. lose billions of dollars each year to these scams, making awareness and verification more important than ever.

Source: BBB Business Scam Study: https://www.bbb.org/all/scamstudies/Business_scam_study/full-scam-study

At first glance, these situations may seem routine, making them easy to miss. We’re currently seeing two common scams; here’s how to spot them early and stay one step ahead.

Business Email Compromise (BEC): The Quiet Threat

Business Email Compromise is one of the most common—and costly—types of fraud affecting businesses today.

According to the Association for Financial Professionals, BEC continues to be one of the most frequently reported fraud types, with a majority of organizations experiencing attempted or actual attacks in recent years.

What it is:
A scammer gains access to—or convincingly imitates—a trusted email account to request payments or sensitive information.

Common tactics:

• Spoofed emails or websites with slight changes in addresses or URLs 
• Spearphishing messages that appear to come from trusted vendors, employees, or partners 
• Malware that allows scammers to access systems and monitor activity over time 
  

What it can look like:

• A vendor you regularly work with sends “updated” payment instructions (change in account number or payment address)
• An executive requests an urgent wire transfer or requests an employee purchase a bulk of gift cards (then urgently needs the card numbers)
• A vendor (real or fake) invoices you for services you didn’t request 

These messages often look completely legitimate—that’s what makes them effective.

Federal Trade Commission Impersonation Scam: Same Scheme, New Spin

Scammers are once again posing as representatives of the Federal Trade Commission( FTC), using added pressure to make these messages feel urgent and official.

How it works:

• You’re contacted by someone claiming to be from the FTC or another government agency 
• They claim your business is under investigation or that you’re entitled to funds 
• You’re told to move or withdraw money for “safekeeping” 
• You may be asked to sign a Non-Disclosure Agreement (NDA) to keep things quiet 

Protect yourself, never:

• Move or withdraw money at the direction of someone claiming to be the government, or a certified agency
• Sign an NDA tied to a financial request to keep information “quiet”
• Lie to your financial institution—no legitimate agency will ask you to do so

The reality:
Government agencies, including the FTC, will not:

• Call you 
• Ask you to move your money to “protect” it 
• Request that you trade funds for gold or other currency
• Tell you to lie or avoid your financial institution’s questions
• Create urgency around financial decisions 

If it feels unusual, it deserves a closer look.

How to Protect Your Business

Slow it down
Take a moment before responding to unexpected requests. Avoid clicking links in unsolicited emails or texts. Instead, look up the company yourself and confirm the request directly.

Review email addresses, URLs, and spelling, small differences can signal a scam.

Verify through a trusted channel
Use a phone number or contact you already trust, not the one provided in the message.

Add a second step
Have at least two people review:

• Wire transfers 
• ACH or payment changes

Enable multi-factor authentication wherever possible.

Keep your team informed
Make sure employees know what to watch for and when to speak up.

Strengthen your systems
Monitor account activity regularly and limit access to email and financial systems to only those who need it.

If This Happens to Your Business

If something doesn’t feel right, or if you think you may have already acted on a scam, quick action can make a difference.

Start here:

• Contact your financial institution right away
  They can help review transactions and take immediate steps to protect your accounts 
• Report it to the Federal Trade Commission > https://reportfraud.ftc.gov 
• File a report with the FBI Internet Crime Complaint Center > https://www.ic3.gov 
• Notify your internal team
  Pause transactions and review recent requests 
• Secure your systems
  Update passwords and review access to email and financial tools 

You Don’t Have to Figure This Out Alone

If something feels off, it’s always worth asking. Your St. Mary’s Bank member support team can help you:

• Talk through a suspicious request 
• Review account activity 
• Take quick action if something doesn’t seem right 

Sometimes a quick conversation can prevent a much bigger issue.

Stay Informed with Trusted Resources
Staying up to date on common scams can help you spot issues sooner and respond with confidence.

• Better Business Bureau Scam Tracker
  https://www.bbb.org/scamtracker
• Federal Trade Commission Consumer Advice
  https://consumer.ftc.gov
• Federal Bureau of Investigation Scams & Safety
  https://www.fbi.gov/how-we-can-help-you/scams-and-safety