A new study from the Better Business Bureau reveals that business scams are costing companies across North America billions of dollars each year. Since 2022, over 3,600 scam reports have been filed with the BBB Scam Tracker, with tens of thousands more reported to federal and Canadian agencies.
The report, titled “How Impostors, Stolen Data, and Fake Services Cost Businesses Billions,” outlines how scammers use tactics like impersonating vendors or employees, hijacking social media accounts, and issuing fake invoices. These schemes often result in significant financial losses—especially through data breaches, which cost businesses an average of $4.9 million each.
One small craft business shared how they received relentless calls from fake service providers claiming their online listings were incomplete. Despite declining, they were flooded with daily calls in an apparent attempt to bully them into paying for the service.
The BBB encourages businesses to be proactive: train employees to spot scams, verify unknown contacts, implement strong cybersecurity measures, and establish secure payment procedures.
More information, including tips to protect your business and the full report, is available at BBB.org/scamstudies.
