How to Spot Phishing Scams: A Guide for Women-Owned Businesses
I've seen firsthand how phishing scams can impact small businesses. Let's talk about protecting your business in a way that builds on your existing expertise – because you don't need to become a cybersecurity expert to keep your business safe.
Understanding Today's Phishing Landscape
Phishing attacks have evolved significantly, with approximately 73% of small businesses reporting some type of cyberattack annually. In 2024, we've seen increasingly sophisticated attacks, with 67.4% of phishing attempts now using AI to appear more convincing. As a business owner, you already have excellent instincts about your business – let's apply those to spotting potential threats.
Phishing doesn't have to involve stealing millions of crypto. It can often cost a small business "just" 1000s. For a small business, that's painful.
For example: In 2024, a small business owner fell victim to a sophisticated PayPal phishing scam that cost their company $2,280 (£1,800). The scam began when they received what appeared to be a legitimate email about their PayPal account. The scammers successfully compromised their account, gaining access not only to their funds but also to their personal details.
The incident had a profound impact beyond just financial loss - brain monitoring during a study revealed significant emotional trauma when recalling the cyber incident, showing responses associated with feelings of loss, being attacked, and anger.
This case highlights how phishing attacks don't just target large corporations but can devastate small businesses, affecting both their financial stability and the owner's peace of mind. The incident demonstrates why it's crucial for small business owners to remain vigilant about cybersecurity, as even a single convincing phishing email can lead to significant losses.
You might not find $2,280 super worrisome. Consider: the average loss to a small business as a result of a cyber attack is $25,000. When you take into account all the other costs, such as credit monitoring for customers if data was taken, that number increases greatly.
Types of Phishing You Need to Know
Today's scammers don't just use email. They're reaching out through:
Traditional email phishing that mimics legitimate business communications
Vishing (voice phishing) through phone calls
Smishing (SMS phishing) via text messages
Recognizing Red Flags
Your business acumen already helps you spot things that don't seem right. Apply that same intuition to these common phishing tactics:
Urgency and Pressure
When someone pushes you to act quickly, that's often a red flag. Just as you wouldn't rush a major business decision, don't let anyone pressure you into quick actions with your data or finances. "Your account will be suspended immediately" or "Legal action pending" – sound familiar? Legitimate businesses rarely use such aggressive tactics.
Unexpected Requests
If you receive unexpected invoices or requests for information, treat them like you would any unusual business proposition – with careful verification. A supplier suddenly changing their payment details or a "boss" requesting gift cards? That's your cue to pause and verify.
Impersonation Attempts
Scammers often pretend to be vendors, customers, or even executives. Trust your instincts when something feels off about the communication style or request.
Protection Strategies That Work
As a business owner, you already know the importance of good processes. Here's how to apply that knowledge to phishing protection:
Build on Existing Processes
Integrate verification procedures into your existing payment and communication workflows
Create clear channels for employees to report suspicious messages
Establish protocols for verifying any changes to payment information
Employee Training
Just as you train employees on your business processes, make security awareness part of your regular operations:
Share updates about current scams
Encourage questions and discussion about suspicious messages
Celebrate when employees spot and report potential phishing attempts
Recovery and Response
If you suspect a phishing attempt:
Don't click any links or download attachments
Document the incident
Report it through proper channels
Alert your team about the attempt
Review and strengthen relevant procedures
Building a Security-Aware Culture
As a business leader, you set the tone for your organization's security culture. Just as you've built your business culture around your expertise and values, incorporate security awareness into your company's DNA:
Make It Relevant
Connect security practices to your business operations. Help employees understand how protecting against phishing relates to protecting your business's reputation and success.
Encourage Open Communication
Create an environment where employees feel comfortable reporting suspicious emails without fear of criticism. Remember, it's better to verify than to fall victim to a scam.
Looking Ahead
The threat landscape continues to evolve, with Q3 2024 seeing 932,923 phishing attacks – up from previous quarters. That trend will continue.
Taking Action
Start by implementing these straightforward steps:
Review your current business processes and add simple verification steps
Share this knowledge with your team
Create clear reporting procedures
Trust your instincts when something seems suspicious
Remember, you've built your business by making smart decisions and trusting your expertise. Apply those same skills to protecting your business from phishing attacks, and you're already ahead of the game.
