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Criminals Targeting Small Businesses Through Phishing Scams

Criminals Targeting Small Businesses Through Phishing Scams

Criminals Targeting Small Businesses Through Phishing Scams

To connect with customers and for the promotion of services, small businesses rely a lot on social media sites like Meta’s Facebook and Instagram. Many small businesses have been able to build various successful followings.

The success of small businesses also comes at a cost on social media platforms, as various rings of cybercriminals are taking advantage of such businesses and banks.

These cybercriminals are using various techniques, mostly phishing scams, as well as other extortion means. Hence, the ransom demands to regain control of social media accounts can get costly, as the alternative is starting all over again.

According to CNBC,

With so much of daily life happening over social media, it’s not surprising that small businesses are relying more and more on Instagram, Facebook, and other platforms to spread the word about their business and sell products. But there is one big catch: small business owners are at a big disadvantage on these platforms when it comes to cybersecurity.

Various small businesses are getting attacked through their accounts. According to many small businesses, that reported on surveys, many platforms do not highly rate the risks associated with cybersecurity. This is despite the report from the FBI that a wave of hacks has targeted small businesses in recent times.

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In 2021 itself, the FBI’s Internet Crime Complaint Center received close to 850K complaints on cyberattacks and malicious cyber activities. All these resulted in almost $7 billion in losses for small businesses combined. Small businesses are the biggest targets for the cybercriminals.

Many small businesses are of the opinion that social media companies like Meta did not do a lot to help these businesses address cybersecurity problems.

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