Most small business owners don't realize they're likely targets for cybercriminals. Unfortunately, attackers often see smaller organizations as easier targets because they may not have dedicated IT teams or advanced security tools in place.
Today's threats go far beyond suspicious emails and phone calls. Criminals now use artificial intelligence (AI) to create convincing emails, text messages, invoices, and even voice recordings that impersonate trusted executives, vendors, and customers. Understanding the most common cybersecurity scams and fraud tactics can help you protect your business, employees, customers, and finances from costly attacks.
What is a cybersecurity scam?
A cybersecurity scam occurs when someone uses people or technology to gain unauthorized access to a computer or computer system. Their goal is to find information that will help them log in to bank accounts or steal the identity of an employee or customer.
Common business cybersecurity scams include ai-powered phishing attacks, business email compromise, ransomware attacks, deep-fake voice and video scams, and fake invoice and payment fraud. Criminals use these tactics to steal money or gain access to private information that ultimately leads them to a big payoff. These threats can harm daily operations, business longevity, and ultimately break customer trust that may have taken years to build.
What is a fake invoice scam?
The criminal creates an invoice for the types of products or services used by your business. They hope your accounting department just pays these bills without confirming they’re real, and that no one will realize the items weren’t ordered or received, or that the payment is going to a wrong location. Having an organized accounting department system with checks and balances in place can help ensure your business’ dollars are only paid out for legitimate expenses. When it comes to approving business expenses, the more questions asked, the more likely you are to find (and stop) the leaks.
What is a company or agency imposter scam?
Where imposter scams used to be somewhat isolated to the telephone, email compromise is all too common. A company imposter scam occurs when a person calls, texts, or emails you and pretends to work with your utility company or a local government agency. These scams often pressure you to immediately pay fake past due charges, taxes, or licensing fees to avoid negative action against you or your business.
What are ransomware attacks?
Ransomware is a type of malware that prevents businesses from accessing their files, systems, or data until a ransom is paid. These attacks can disrupt operations, compromise sensitive information, and result in significant financial losses. Small businesses are frequent targets because cybercriminals often view them as having fewer cybersecurity defenses than larger organizations.
The average cost to recover from a ransomware attack was $1.53 million in 2025, excluding any ransom payment, according to the Sophos Sate of Ransomware report. But don’t despair. Instead, work to protect your business by:
- Training employees to recognize phishing emails
- Using multifactor authentication (MFA)
- Keeping software and devices updated
- Regularly backing up important data
- Limiting employee access to sensitive systems
Phishing scams have evolved
Types of phishing include email phishing, smishing (text message phishing), vishing (voice phishing), QR code phishing (quishing), and executive impersonation.
In one popular scheme, scammers use emails, text messages, or phone calls that appear to be from a trusted person within your company. Emails and phone numbers are spoofed, which means they look like they come from a co-worker or supervisor, but they don’t. The person then tries to convince employee their request for a wire transfer or release of sensitive information is legitimate and needs to be immediately fulfilled.
Start with awareness
Protecting your business starts with awareness. While cybercriminals continue to evolve their tactics, many attacks can be prevented through employee education, strong internal controls, regular software updates, data backups, and multifactor authentication (MFA). By taking a proactive approach to cybersecurity and encouraging employees to question unexpected requests for money, account information, or sensitive data, you can significantly reduce your risk of becoming a victim.
At The Bank of Missouri, we’re committed to helping you Live well, Bank well.