CLEARWATER — Since 2022, business scam reports to Better Business Bureau (BBB) Scam TrackerSM have totaled more than 3,600. These scams involved employee and vendor impersonations, theft of social media accounts, data breaches, and many more scam types.

Reports to Better Business Bureau® show that business scammers can steal hundreds of thousands of dollars in a flash without proper protections. Further reports to federal agencies show total losses of billions each year.

In “BBB Study: How impostors, stolen data, and fake services cost businesses billions,” the International Investigations Initiative examines patterns of reports, reviews the amount of money lost and shares stories from those caught up in the scams so businesses can avoid them.

Key findings:

• Business scams are ubiquitous across North America and come in many forms.
• Losses are staggering for businesses. The average data breach costs a company $4.9 million, a figure that excludes some of the largest losses. Data breaches cost businesses a total of $1.4 billion in 2024, according to FBI data.
• Billions more are stolen through elaborate schemes, such as business email compromise scams, where scammers steal employees’ identities and use them to convince others to hand over cash or sensitive information.

Business scam reports across North America (2023-2024):

• 3,647 – BBB Scam Tracker
• 74,489 – Federal Bureau of Investigation
• 9,286 – Canadian Anti-Fraud Centre

Scam survivor stories:

One business owner in Hillsborough County, Laura, says she receives an overwhelming number of daily calls claiming to “verify” their business listing, specifically for “Their Business Name” Despite repeatedly asking to be removed, the calls continue. The callers claim it’s an automated system triggered whenever someone searches the business name and request. payment to verify the Google listing. The user questions the legitimacy, especially if it’s truly from Google, as the persistent and unwanted calls feel harassing and deceptive.

Melinda, another business owner in Zephyrhills, FL, lost $1,879 to a scammer pretending to be from Duke Energy who called and knew the user’s past-due bill amount, claiming service would be disconnected unless payment was made. The user paid twice on separate occasions. When the scammer called again demanding a deposit, the user became suspicious and contacted the real utility company — only to find out the calls were not from Duke Energy and were part of a scam.

After filing for an LLC, Karilyn a business owner from Lutz, FL, received a fake bill from a company called “FK Document Services” requesting payment for a Certificate of Status. The address on the letter traces back to a USPS location, not a legitimate office. The user and her boyfriend both received similar letters for their businesses, despite having already paid all necessary fees through official government websites. This is a clear example of a government imposter and fake invoice scam.

Maverick, a business owner in St. Pete, FL, received two fraudulent mailings impersonating the Financial Crimes Enforcement Network (FinCEN), claiming urgent action was needed to comply with the Corporate Transparency Act. The letters threatened severe penalties—including $500 daily fines, up to 2 years of imprisonment, and a $10,000 fine—if the user didn’t file by a certain date. This is a government imposter scam using fear tactics to pressure business owners into taking unnecessary or fraudulent action.

A small business owner named Luis in Bradenton, FL, was scammed out of $4,240.76 after being contacted by a person posing as a client requesting a paint job. The scammer, using the name Jonathan Sutton, sent a fake cashier’s check for $5,976.25 and instructed the victim to deposit it, then use Zelle to forward portions of the money to a third party (claimed to be for supplies). The victim, believing the check had cleared, sent multiple payments before realizing the check was fraudulent. The funds were later reversed by the bank, leaving the victim’s account overdrawn and in debt.

What are the signs of a business scam?

• Outreach from unknown businesses, government agencies and big-ticket buyers
• Invoices from unexpected emails
• Odd behavior from “known” vendors or businesses
• Requests for gift card or pre-paid debit card payments
• Urgent demands to renew or obtain licenses or trademarks
• Claims about expiring domain names

How can I protect my business and employees from scams?

• Train employees to recognize scams. Most scams can be avoided with proper education. Let your employees know about common scams, what to do if they are approached by an unknown source and how to follow cybersecurity best practices.

• Establish payment procedures. Create a framework for payments that builds in security measures. Double-checking a source through another means of communication or with prior records can help avoid future headaches.

• Research unknown companies asking to do business. Scammers know business owners want new customers. Be wary when an unknown company or business makes grand offers.

• Install firewalls, multifactor authentication and other security measures. Cybersecurity practices are vital to avoiding ransomware and data breaches. Keep software up to date, hire consultants to review practices and ensure your IT systems are safe.

For over a decade, BBB’s International Investigations Initiative has advocated for an ethical marketplace by conducting deep-dive research on the riskiest and most common scams reported across North America.

Visit BBB.org/scamstudies for more on information theft and other scams.

Visit BBB.org to check out a business or register a complaint and BBB Scam TrackerSM to report a scam.