False billing scams were the most common scam reported by small businesses, with this scam making up three quarters of all losses to businesses.
But it was a specific type of fake billing scam, called payment redirection scams or business email compromise scams, that hit small businesses hardest.
In these scams, the cyber-criminal will pretend to be a business or an employee and request an upcoming payment to be directed to a fraudulent bank account.
These scams have resulted in $14 million in losses and reported by 1,300 businesses.
The damage of this type of scam has nearly tripled since 2019, where only 900 businesses reported it and losses were at $5 million at the time.
“One thing we know about scammers is that they…