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AXA Advisors, LLC.

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3141 Fairview Park Drive, Suite 250
Falls Church, VA 22042

Phone:

  • 703-205-0314
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Watch Out for Scams That Target Businesses

According to a 2018 report by the Better Business Bureau, an estimated 6% of small businesses are scammed each year, suffering an average loss of $4,373. Unfortunately, scam activity directed at businesses seems to be growing and tends to involve greater losses than scams directed at consumers.1

Tactics used by scammers to trick owners and employees include pretending to be a trusted individual or entity, creating a sense of urgency to rush payment decisions, slipping through normal business practices undetected, and promising extraordinary deals. In some cases, scammers stoke fears and resort to outright intimidation.

You can help protect your business by learning to spot these six common scams.

Bank/credit card company imposter. Businesses are told they must verify their account information; criminals use shared credit card or banking information to make purchases or steal cash funds from accounts.

Directory listing and advertising. Businesses are sold ads or listings that are essentially worthless because they do not exist or will not be widely distributed.

Fake invoice/supplier bill. Scammers send bills for services or supplies that were never ordered by the company. Unordered merchandise may even be delivered, followed by a demand for payment.

Fake check. Businesses are asked to deposit a check and wire some of the funds to a third party. By the time a bad check is rejected by the bank, the scammer has disappeared with the wired money.

Tech support. Scammers claim to be from a well-known company in order to collect a fee and/or gain access to a computer.

Social engineering/phishing. Employees receive emails, seemingly from a legitimate source (often a senior employee), that request sensitive information such as passwords, bank information, or employee payroll records (W-2s). A criminal can use a W-2 to file a fraudulent tax return and collect a refund or to steal the employee’s identity.

Stopping Scams

The Federal Trade Commission offers the following tips for avoiding business scams.2

  • Secure your company’s computer files, passwords, and financial information, and always think before you click on a link in an email.
  • Train your employees to safeguard company information and remain on the alert for scams.
  • Make sure invoices are checked closely and that there are clear procedures for approving expenditures.
  • Do plenty of research before doing business with an unfamiliar company; ask for referrals you can trust.

To stay in the loop on new and trending scams, you can sign up for the FTC’s blog at ftc.gov/subscribe.

 

Information provided has been prepared from Broadridge Advisor Solutions sources and data we believe to be accurate, but we make no representation as to its accuracy or completeness. Data and information is provided for informational purposes only, and is not intended for solicitation or trading purposes. Broadridge Advisor Solutions is not an affiliate of AXA Advisors, LLC. Please consult your tax and legal advisors regarding your individual situation. Neither AXA Advisors nor any of the data provided by AXA Advisors or its content providers, such as Broadridge Advisor Solutions, shall be liable for any errors or delays in the content, or for the actions taken in reliance therein. By accessing the AXA Advisors website, a user agrees to abide by the terms and conditions of the site including not redistributing the information found therein.

Securities offered through AXA Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC. Annuity and insurance products offered through AXA Network, LLC and its subsidiaries.

The Retirement Planning Specialist title is awarded by AXA Advisors, based upon the Financial Professional's (FP) receipt of a Certificate in Retirement Planning from the Wharton School, University of Pennsylvania. In a collaboration between the Wharton School and AXA Advisors' affiliate, AXA Equitable Life Insurance Company (NY, NY), coursework for the certificate was developed exclusively for AXA Advisors FPs, and the title may be used only by FPs who have completed the required coursework and maintain the title through ongoing continuing education requirements. To verify that an FP has earned and holds the title in good standing, contact AXA Equitable atretirement@axa-equitable.com. Complaints about an AXA Advisors FP should be directed to customer.relations@axa-equitable.com.

Securities offered through AXA Advisors, LLC (212-314-4600), member FINRA/SIPC. Investment advisory products and services offered through AXA Advisors, LLC, an investment advisor registered with the SEC. Annuity and insurance products offered through AXA Network, LLC and its insurance agency subsidiaries. AXA Network, LLC does business in California as AXA Network Insurance Agency of California, LLC and, in Utah, AXA Network Insurance Agency of Utah, LLC. AXA Advisors and its affiliates do not provide tax or legal advice. Individuals may transact business and/or respond to inquiries only in state(s) in which they are properly registered and/or licensed. The information in this web site is not investment or securities advice and does not constitute an offer.

AXA Equitable Holdings, Inc. is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the "AXA" name, AXA logo and associated trademarks of AXA SA under license.

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