Summer is a busy season for many small businesses—from retail spikes and travel-related demand to shifting employee schedules and vacation coverage. Unfortunately, fraudsters also know that this is a time when companies might be moving quickly and not constantly scrutinizing the fine print.
At Summit Bank, we want to help you stay ahead of seasonal scams—especially imposter fraud and other schemes that target small businesses when they’re most vulnerable.
What Is Imposter Fraud?
Imposter fraud occurs when a scammer poses as someone your business might usually trust—like a vendor, payroll provider, bank representative, or even a company executive. Their goal? To trick you into making unauthorized payments or handing over sensitive business information.
Summer Scams That Target Small Businesses:
- Business Email Compromise (BEC): Scammers spoof email addresses to pose as your CEO, CFO, or vendor. A typical message might request a wire transfer or invoice payment with a sense of urgency—often during staff vacations or after-hours.
- Vendor Fraud: Fraudsters pose as a known supplier and claim their bank details have changed. If your AP team doesn’t verify, you could unknowingly send payments to a fraudulent account.
- Payroll or Employee Scams: Fake emails or calls may claim to be from HR or a payroll provider requesting updates to direct deposit info. These scams often spike around paydays or holiday weekends.
- Fake Invoices or Renewal Notices: Scammers send phony invoices for things like office supplies, web domains, or software renewals—betting your staff is too busy to question them.
Why Summer?
Staff may be out of the office, responsibilities may shift, and your team may be moving quickly to keep things running smoothly. That’s the exact environment scammers exploit—counting on gaps in communication or policy enforcement.
How to Protect Your Business:
- Train Your Team. Ensure that all employees—especially those involved in handling payments, payroll, or vendor communication—know the signs of fraud and have a straightforward escalation process in place.
- Use Dual Controls. Require two sets of eyes on all outgoing payments, changes to vendor info, or payroll updates.
- Verify Requests. Never rely solely on email or text. Call vendors or executives directly using verified numbers to confirm payment instructions or sensitive requests.
- Review Your Processes. Summer is a great time to revisit your internal controls, approval policies, and fraud protections—especially if you’re adding seasonal staff.
- Enable Banking Alerts. Discuss with your banker the option to set up alerts for unusual activity, large transfers, or ACH changes.
- Don’t Click Suspicious Links. Fraud attempts often start with a phishing email that can compromise login credentials or introduce malware.
Summit Bank Is Your Partner in Fraud Prevention
We work with small businesses across Oregon and understand the challenges that come with managing cash flow, staffing, and growth simultaneously. Let’s keep your business protected—and your summer running smoothly.
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