Ch. 3, Ep. 1: Protect what you’ve built

[Edit sound clips so they speed up and eventually start to overlap and become a cacophony. Read with rising sense of panic:]

A message says there’s a package … but I wasn’t really expecting one …

I got an email asking to confirm my bank details. But should I?

A customer I’ve never met before wants to pay with a cheque. Is that a good idea?

Do I really owe these fees?

Is this a real invoice?

Who is sending this message?

Wait, is this text message really from the bank? What do I do?

[Cacophony abruptly ends. Calmly:]

What do you do? Stop. Calmly assess what’s really going on — using your knowledge of what fraud looks like.

This is From Dollar One by Interac, an audio series that supports entrepreneurs, freelancers and anyone with a side hustle as they grow their business — and make the most of the entrepreneur’s life.

(If this is your first time listening, welcome. Be sure to check out our previous chapters!)

Here in Chapter 3, we’re helping you learn how to take charge of fraud prevention and digital security for your business.

We know this is a topic a lot of entrepreneurs don’t always want to think about.

Maybe it’s not quite as exciting as meeting new customers and making money.

But security is something you have to think about as an entrepreneur. Because fraudsters are getting more sophisticated all the time. And a successful scam could cause real headaches for your business.

So when it comes to answering questions that kicked off this episode, you want to have answers — and the confidence that comes with knowing what to do.

After all, you built your business. You want to protect it, right?

Right. So let’s start with some core advice for avoiding fraud that Interac suggests all Canadians should follow. It’s the ‘Stop, Scrutinize, Speak Up’ approach. Think of it as the “Three Ss” — your basic steps that will help you out in a lot of situations … if you remember to follow them.

What are the steps?

Number one? Stop. Which means: When you encounter something that feels fishy — like an incoming request for personal or financial information — take a moment to stop, think, and follow your instincts. And it doesn’t matter where the request comes from — a phone call, email, text message — don’t do anything until …

You scrutinize the situation. That’s step two. Look for the telltale signs of a scam — like an unusual request for money or information. When a message seems to be putting a lot of pressure on you to act quickly, that can be a sign of a scam too.

Or mistakes, like a web address in an email that doesn’t look like the official one. Once again, take the time to notice the details before you click on anything or respond to anything.

Third, know when it’s time to speak up. When you suspect a fraud attempt, contact the organization that’s supposedly reaching out to you and verify what’s going on for yourself.

If you suspect you’ve already been scammed, immediately reach out to your financial service provider through the number provided on their website. And report it to the Canadian Anti-Fraud Centre — that’s a federal police agency that deals with fraud.

That’s enough for you to remember for now. Next time, we’ll talk about some scams you should look out for when you’re running your business.

Thanks for listening! And if you’d like more business tips sent straight to your inbox, be sure to sign up for our newsletter at Interac.ca/dollarone.