Intercash Scam Safety: COVID-19 Scams Targeting Businesses

Updated: Jan 21


November 18, 2020 - In the latest edition of Intercash Scam Safety, we’ll take a look at how fraudsters and scam artists are taking advantage of the current COVID-19 outbreak. Many of today’s criminals are conning businesses into handing over their hard-earned money. While scams and payment fraud are always a threat, the fear and misinformation surrounding the coronavirus provides criminals with a new way to get into your wallet. In this article, Intercash Scam Safety will take a closer look at some of the COVID-19 scams to watch out for and how to ensure you protect your business.


No matter the industry, It’s always important to be on the lookout for scams. Fraudsters can come up with countless clever cons to trick you into giving them your money. This sort of criminal activity is becoming even more common amid the ongoing health crisis. This is because people are working from home and interacting far less with one another in an effort to prevent the spread of the disease. This dip in interaction and communication can lower your awareness of these scams. It’s important to follow Intercash Scam Safety for the latest tips and tricks. During these challenging times, educating yourself about potential scams is the first step toward preventing them.


The following is a list of the more prominent COVID-19-related scams currently being utilized by fraudsters:


Fake COVID-19 test kits and vaccinations

There is a steady increase in the number of scams related to COVID-19 test kits and vaccinations. Fraudsters are taking advantage of business owners simply looking to keep their employees and work environment safe from a COVID outbreak. While the vaccination process is slowly making progress on a global scale, this will take time. If you receive any form of communication (call, email, text, mail) with claims to sell you these items – it’s most likely a scam.


Selling ineffective safety products

With the ongoing health crisis, there are several important products required for companies to maintain a safe work environment. Keeping a full supply on things such as face masks, hand sanitizer and air filters is a growing concern among businesses. Naturally, fraudsters are taking advantage of these safety concerns. There are many products being sold as essential safety measures, yet are not effective or do not meet official safety policies. Be sure to complete a thorough investigation of your safety needs before you even begin discussing with a supplier.


Fake COVID-19-related charities seeking donations

Another growing trend among fraudsters and scammers is to pose as a legitimate charitable organization seeking donations. They will often request funds in support of COVID-19 victims or to continue research of the virus. Corporations are a popular target for this type of scheme as they tend to make larger contributions. It is also commonplace for them to be contacted by an organization seeking a corporate donation. Be wary of any charitable organization contacting your company for money. If you do want to donate to a charity, be sure to review the organization’s website beforehand. This way you can ensure its legitimacy before moving ahead with a contribution.


Targeting employees working from home

If you have employees that are working from home as a result of the pandemic, your company may be at increased risk for criminal activity on the web. Allowing employees to work remotely can be the right decision for your company, but it can also create security issues for your IT department. If employees are using their own computers, phones and email accounts to access company data, this could lead to a data breach. There are a number of reasons for this, including weaker password policies on personal devices and vulnerable Wi-Fi connections. In fact, there is weaker overall security since the systems are no longer centrally updated. If you do have a large number of employees working from home, you may want to consider implementing a VPN policy. This will help to ensure the safety of all data related to your business.


Fake banks and financial service companies offering support

The coronavirus pandemic is tough on businesses around the world. This health crisis is impacting the global economy in an unprecedented fashion. As a result, there are many companies in desperate need of financial relief. Unfortunately, this makes them more vulnerable to potential scams. Many fraudsters pose as a legitimate financial institution, offering corporate loans, Mastercard and Visa card accounts and other financial services. If something sounds too good to be true, trust your gut. Don’t be scared to say no to anything that doesn’t feel right to you.


How to protect your business?

To keep your company safe from these types of criminal activity, it’s important to stay up-to-date on the news. This will help you to stay aware of latest schemes, as well as the best practices to avoid them. As a general guideline, you should make an effort to incorporate the following Intercash Scam Safety tips:

· Be prudent when it comes to unsolicited messages

· Always complete an investigation of a new company or contact before doing business

· Never feel pressured into making a decision or completing a transaction

· Implement a secure password policy for your company

· Ensure all employees are on the lookout for any type of phishing or payment scam


By using these and other Intercash Scam Safety tips, your business will be better protected from scammers and criminals looking to take advantage of the ongoing COVID-19 pandemic.