They have the BBB Torch Awards coming up?

BBB’s Torch Awards are coming up on October 23rd. Nominations will begin being accepted at the end of this month. The Better Business Bureau Torch Awards for Ethics recognize companies that display an outstanding level of ethics and integrity in all of their business dealings. These companies generate a high level of trust among their employees, customers, and their communities. This award is open to all for-profit businesses who are in good standing with BBB. Sponsorship opportunities and tickets will also be available. Learn more at BBB.org/Detroit.

Value of Accreditation?

We surveyed our Accredited Businesses and asked them to shed some light on the value of their BBB Accreditation. Thirteen thousand responded. These are some of the res:

Nearly 90% of responding Accredited Businesses said the BBB Seal adds value to their business.

Reputation, trust, and integrity are the top three driving forces behind BBB Accreditation. When asked about their top reasons for being BBB Accredited, businesses said they are Accredited because it quickly identifies their business as reputable, builds trust with customers, and demonstrates integrity in their business practices.

Accredited Businesses identified their top three business challenges this year as (1) managing increasing costs, (2) growing the business, (3) and hiring and retaining employees.

Visit BBB.org/BizHQ for helpful tops and resources to run s successful business.

Learn more about the survey results at BBB.org/VoA.

They also touch on some of the top scams affecting businesses:

Scams can impact every business, regardless of location, size, or industry. But they are especially a problem for small businesses. Local businesses and start-ups often don’t have the cyber security support or established accounting processes of larger companies. This can make them more vulnerable to scams.

Fortunately, knowledge is the best protection. If you own or work for a small business, stay informed about these common scams and report them if your business is targeted.

Common small business scams:
Business Email Compromise (“BEC”). Business email compromise fraud is an email phishing scam that typically targets people who pay bills in businesses, government, and nonprofit organizations. According to the Federal Bureau of Investigations, it has resulted in more losses than any other type of fraud in the U.S. In Canada, BEC scams are among the top reported scams recorded by the Canadian Anti-Fraud Centre (CAFC).

In BEC fraud, the scammer poses as a vendor or other trusted source who emails an accountant or chief financial officer. The email asks them to wire money, buy gift cards or send personal information, often for a plausible reason. If money is sent, it goes into an account controlled by the con artist. Learn more about BEC scams.

Phony invoices. Businesses receive fake invoices demanding payment for products or services never ordered or received. The most common scams involve office supplies, website or domain hosting services, and directory listings. If you look closely, you’ll often see the fine print that identifies the bill as a solicitation. Generally, the amount is small enough not initially to raise a red flag. Read more about phony invoice scams.

Directory scams. This scam has plagued businesses for decades. In it, con artists attempt to fool businesses into paying for a listing or ad space in a non-existent directory. Sometimes, the directory will technically exist but won’t be distributed to potential customers. Other times, the scammer might lie about being with a legitimate directory, such as the Yellow Pages. Either way, the business is billed hundreds of dollars for listing services they didn’t agree to or for ads that were never placed. Read more about directory scams.

Stolen identity. Scammers often pretend to be legitimate companies to trick consumers. Scammers set up fake websites and “hijack” your company name and address. They may also use brand hijacking – blatant copying and misusing company logos and website content – to impersonate a business and deceive unsuspecting visitors. In this con, the company doesn’t necessarily lose money. However, their reputation is tarnished when angry customers ripped off by scammers think the real company is responsible.

Learn about more scams targeting businesses at BBB.org/BizScams.”