As holiday shopping begins, the FTC and IRS agree: scams and identity theft are always bad for business

FTC Business Blog · yesterday · 3 views

As holiday shopping begins, the FTC and IRS agree: scams and identity theft are always bad for business jensor December 5, 2024 | 7:58AM As holiday shopping begins, the FTC and IRS agree: scams and identity theft are always bad for business By Julia Solomon Ensor The turkey is gone, and the relatives have departed. We’ve now officially entered holiday shopping season, also known as make-or-break busy season for small business owners relying on Q4 profits to carry them through the year. If you’re in that category, remember it’s not just busy season for your business; it’s also busy season for scammers who know that when you’re pulling long hours and rushing to fulfill orders, it’s the perfect time to try to trick you into handing over your financial or personal information.It’s also the perfect time for the IRS’s National Tax Security Awareness Week, a week dedicated to making sure you have all the information you and your business need to avoid scams and tax-related identity theft. So, take a moment to check out the information and events the IRS has to keep your business protected. And while you’re at it, start with this advice from the FTC:Protect your data. The first step in protecting your business from scammers trying to steal financial or personal information is to put strong data security in place. And when we say strong data security, we mean both physical security (lock up those paper files) and cybersecurity. When it comes to cybersecurity, start by making sure software is up-to-date and files are backed up. Also require multifactor authentication, strong passwords, and device encryption. And make sure to train your employees — get started with training modules and additional information.Know about common scams. Even the best cybersecurity can’t protect your data if someone tricks you or your employee into handing over the passwords. Educate yourself and your team. Check out Scams and Your Small Business, a guide to spotting, stopping, and reporting common scams that target small business owners, also available in Spanish, Simplified Chinese, Korean,and Vietnamese.Report suspicious conduct. Reports from small business owners like you can help stop scammers in their tracks. If you see suspicious conduct targeting consumers or businesses, tell the FTC at ReportFraud.ftc.gov — or in Spanish at ReporteFraude.ftc.gov. To report in other languages, call (877) 382-4357 and press 3 to speak to an interpreter in your preferred language.Report identity theft. If someone does get ahold of your or your business’s information, report it at IdentityTheft.gov, a one-stop resource to help people report and recover from identity theft. There you can find step-by-step advice on what to do next, and resources like checklists and sample letters.