If you run a small business, chances are most of your banking now happens on your phone. Scammers have noticed. A new report from fraud-prevention company BioCatch, covered by TechRadar, says banking scam attempts rose by 35% over the past 12 months, and that these scams are now aimed almost entirely at mobile devices rather than landlines or email.
Why the phone?
The reason is simple: a phone is where money can be moved quickly. A scammer who can convince you to act on a text, a call or a message app can have you transferring funds within minutes, often before you have had a chance to stop and think. The report also points to growth in romance, investment and employment scams, including fake job offers that promise high wages but ask the “successful applicant” to pay something up front.
What this means for your business
For a small or medium business, the risk is not just your personal account. Staff who approve payments, change supplier bank details or handle invoices from their phones are exactly who these scams target. A convincing message that looks like it is from your bank, a supplier or even the boss can be enough.
Practical steps you can take this week
- Never act on the link or number in the message. If your “bank” contacts you, hang up and call the number on the back of your card or on the bank’s official website.
- Verify bank detail changes by phone. Any request to change where you pay a supplier should be confirmed using a number you already have on file.
- Set up a two-person rule for larger or unusual payments.
- Keep phones updated and only install apps from the official app stores.
- Turn on transaction alerts and payment limits in your banking app so unusual activity stands out.
- Talk to your team. A five-minute chat about how these scams work is one of the cheapest protections there is.
Scams succeed by creating urgency. Building a habit of pausing and checking through a separate channel takes the pressure off and stops most of them.
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