Small business owners are particularly vulnerable to cyber-attacks and loan scams during COVID. We share some insights from Inside Small Business and Lucas Meadowcroft, from IT solutions company CROFTI, as to what to be aware of to protect your business.
Cyber-Attacks for Personal Information
According to Lucas Meadowcroft, of concern is that Scamwatch had received a 55 percent increase in reports of cyber-attacks up to August last year, compared to the previous 12-month period. There are still the usual scams, but a newer one that is circulating purports to be from official sources relating to the COVID-19 vaccine requesting personal information “so that they may register for the ‘compulsory shot’ to resume their employment”.
Business Loan Scams
Now that JobKeeper has ended, many small businesses are turning to business loans, however, it is important to check that the loans are from reputable product providers. There is currently a popular identity theft scam attempting to obtain confidential information such as bank account details via the hacking of passwords to access this data. There is the risk of being held to ransom.
What to do?
Some simple steps include:
- Change all your passwords immediately if you suspect you’re being scammed
- Business owners can implement security upgrades
- Empower your employees with education – let them know what to look for and how to report issues
- Assess that emails are valid – does the format look strange? Do the logos look authentic? Does the spelling and grammar, or use of English look on par?
- Check that the sender’s email address matches the company it states it’s from
- Don’t just click any link. If you think a link is suspect but not quite sure, rather perform a simple Google search to take you to the site instead of clicking on the email link provided.
About Us – Nova
If you feel you need assistance with your business cash flow, we offer a reliable invoice factoring facility and are committed to the growth of small and mid-sized businesses. Invoice factoring is a cash flow finance solution that allows businesses to access a large percentage of the funds held in their unpaid sales invoices. Your business can enjoy the benefits of the cash flow of the invoice before your customer pays it.
Most small businesses need an overdraft, which can take weeks for approval, to keep operating and enable the business to grow. Invoice factoring is different because you do not have a ‘loan’ as such, and you do not need to secure your funding with property. Your customer invoices act as your security, and approval can be within 24 hours!
If you have any questions reach out to us for an obligation-free chat.
(Source: Inside Small Business 2021)