When we think of scams, more often than not, we tend to focus on how consumers or members of the general public are targeted. While that may be largely true in terms of numbers, businesses lose millions upon millions of dollars every year in Canada due to scams and fraud targeting local businesses. Wire fraud is perhaps the biggest threat to businesses. Spearphishing, as it's commonly called, is when a crook masquerades as a member of the upper management through emails and gets accounts payable to transfer money to another email address and bank account. Canadian businesses lost over 13 million this way in 2016.
Another scam that regularly hits businesses is the Fake Purchase Order. For more information and tips on how to protect your business go here.