Business Scams Cost Billions Across North America Since 2022

Since 2022, business scams across North America have surged, with over 3,600 reports filed to the Better Business Bureau's Scam Tracker, causing billions in financial losses annually. These scams involve tactics such as impersonating vendors or employees, hijacking social media accounts, issuing fake invoices, and sophisticated business email compromise schemes. Data breaches are particularly costly, averaging $4.9 million per incident and totaling $1.4 billion in 2024 alone. The rise of AI-driven scams, including deepfake-generated voices and videos, has added a new layer of complexity and threat to businesses. The BBB advises businesses to train employees to recognize scams, implement strong cybersecurity measures, avoid risky payment methods like wire transfers and gift cards, and verify unknown contacts before making payments. Reporting scams to the BBB, FTC, or state authorities is also recommended to help combat this growing issue.