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Six prevalent small business scams revealed

Consumer Affairs Victoria has officially launched its ‘Stevie’s Scam School’ program, designed to educate small businesses about the most common scams they should remain vigilant against.

Scams are an unwelcome but everyday part of life and small businesses are as susceptible as anyone to fall victim. Do not be fooled into thinking that because your business is full of intelligent, aware people that you are not vulnerable to scams.

Some schemes can be highly sophisticated and even the most alert of small businesses could fail to spot them. Consumer Affairs Victoria‘s Stevie’s Scam School aims to educate small businesses on what to watch out for and how to avoid falling foul of a scam.

The initiative identifies six of the most common small business scams to look out for. Each scam description comes with an accompanying video;

Other tips are also provided to help SMBs ensure they remain protected against the threat of scams. It’s recommended small businesses follow these methods;

  • Have clear procedures for verifying, paying and managing accounts and invoices.
  • Limit the number of people who have authority to place orders or pay invoices.
  • Keep written records of all orders and purchases.
  • Deal with people and businesses you know and trust.
  • Don’t click on links in emails from unfamiliar businesses or sources.
  • Never rely on information provided by a person or business that you don’t know and trust.
  • Always seek independent advice if a product or service is expensive or requires a written agreement.