Phishing Scams on the Rise: How to Protect Yourself and Your Business

In 2023, phishing scams nearly doubled, with over 9,000 reported scams on Scam Tracker. The Better Business Bureau (BBB) released a new study showing this alarming statistic. It is predicted that 2024 will also see a record number of phishing scams. BBB President Steve Bernas discussed the importance of understanding what phishing scams are, recognizing red flags, and taking action when a red flag is noticed in order to protect oneself and one’s business from falling victim to these scams.

Phishing has been an old and well-known scam technique for years, but it continues to be successful because of its ability to adapt to various forms of communication. Individuals and businesses alike are targeted by these types of fraudulent activities. The FBI and BBB Scam Tracker reports show that businesses have lost billions over the past three years due to phishing scams. The ever-changing nature of these tactics makes it challenging for individuals and authorities to keep up with the necessary defenses.

There are several red flags that may indicate a phishing scam, such as claims of suspicious activity or fraudulent logins, unexpected account problems, requests for financial information or payment links, government refunds or unsolicited coupons, generic messages with a well-known company logo or urgent language filled with typos. If you notice any of these signs, it’s important to take action immediately by visiting BBB.org/scamstudies for more information on how to protect yourself from phishing scams.