October is a good time for a fresh start.
Fall is in full swing, routines are back to normal, and businesses are settling into the final stretch of the year.
It is also a good time to remind yourself and your employees to be careful with financial information.
Scams targeting businesses are becoming more convincing, and sometimes all it takes is one rushed email or payment to create a major problem.
At Senter CPA, we work with small and medium-sized businesses throughout Clarkston and the surrounding communities. Because we work with our clients on their taxes, accounting, bookkeeping, and payroll, we see just how much sensitive financial information businesses handle every day.
Here are a few scams worth keeping an eye out for.
Fake Invoices
A fake invoice does not always look fake. It may have a familiar company name, logo, and dollar amount. It may even look like something you normally receive. Before paying an invoice, especially one that is unexpected, take a moment to make sure it is legitimate. If something seems unusual, contact the vendor directly using contact information you already have rather than replying to the email.
Requests to Change Payment Information
This is one to take seriously.
You receive an email saying that a vendor has changed banks and wants future payments sent to a new account. It may seem like a routine request. Before changing anything, verify it. Call the vendor directly and confirm the new information. Do not rely solely on the email you received.
Taking a few extra minutes could prevent thousands of dollars from going to the wrong place.
Phishing Emails
Phishing emails are designed to get you to react quickly. They may appear to come from your bank, payroll provider, accounting software, a government agency, or even someone within your own company. Be cautious when an email asks you to click a link, open an attachment, provide sensitive information, or make an immediate payment. If something feels off, slow down.
Payroll Scams
Payroll information is extremely sensitive, which makes it a valuable target for scammers. Be cautious of unexpected requests involving employee direct deposit information, Social Security numbers, W 2s, or other payroll records. If someone asks you to make a payroll change, especially through email, verify the request before making the change. It is better to make one phone call to us than to spend weeks trying to fix a fraudulent transaction.
Tax Scams
We hear from clients who receive suspicious tax related emails, letters, and phone calls. Scammers may pretend to be the IRS or another government agency and claim that you owe money or need to provide information immediately. The goal is usually to make you panic. If you receive something questionable related to your taxes, do not respond immediately. Contact us and let us help you determine what you are dealing with.
Protect Your Sensitive Information
It is also important to think about how you share financial information.
At Senter CPA, we use TaxDome to provide our clients with a secure way to exchange documents and communicate with our team.
If we are requesting sensitive financial or tax information, using the secure client portal is preferable to sending confidential documents through a regular email.
A Little Extra Caution Goes a Long Way
Most business owners are busy and that is exactly what scammers are counting on. They want you to see an urgent request and act before you have time to think about it. So this fall, remind yourself and your employees to slow down when something involves money, passwords, personal information, or changes to payment instructions.
Verify unusual requests.
Be careful with links and attachments.
And when something involves your taxes, payroll, or financial information and you are not sure what to do, ask for help.
At Senter CPA, we are here to support our clients throughout the year. That includes helping with taxes, accounting, bookkeeping, and payroll, but it also means being a resource when something does not look right.
When in doubt, stop and verify before you click, pay, or send.
