External Sources of Fraud

External Sources of Fraud

February 2, 2024 by investor

External Sources of Fraud

There are several sources of fraud from outside a business.

External sources of fraud pretend to be someone you trust.

They create a sense of urgency and then demand payments.

Here’s a list of common sources of external fraud:

Fake invoices — the invoices show services rendered for work that was never done.

Advertising scams — payment for ad services in a directory or book that was or never will be published.

Imposter scams — callers who claim you owe them money or critical services will be turned off.

Tech security scams — a warning screen pops up on your computer showing a critical virus has disabled your computer and you need to pay to remove the virus.

Phishing attacks — calls or emails requesting personal information such as social security numbers for employees to verify their identity.

Ransomware — the company’s data files are encrypted and the ransomers demand payment to unlock the company’s data.

Business coaching scams — the scammer promises to provide business training and services but never delivers.

Train your employees on how to recognize this type of fraud.


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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.