Protect Your Business from Summer Scams and Fraud

July 18, 2025

Help keep your business secure with smart practices and Ridgewood's built-in protections.

Summer brings longer days, increased customer traffic, and—unfortunately—a spike in scams targeting local businesses. Whether it's through fake invoices, phishing emails, or fraudulent payment requests, fraudsters often see the warmer months as an opportunity to catch business owners off guard.

At Ridgewood Savings Bank, your security is our top priority. That is why we're sharing key fraud prevention tips and how our business banking tools help to keep your money and data safe.

Common Summer Scams Targeting Small Businesses

Stay alert for these tactics that are on the rise:

• Fake Invoice Scams: Fraudsters send what appear to be routine bills for office supplies, utilities, or services—often with urgent payment deadlines.
• Business Email Compromise (BEC): Criminals pose as company executives or vendors, requesting wire transfers or sensitive information.
• Gift Card Scams: A scammer impersonates a business owner via email or text, asking an employee to urgently buy gift cards.
• Payment App Fraud: Fraudsters try to intercept or reroute digital payments using fake QR codes or spoofed payment platforms.

How Ridgewood Helps Protect Your Business

Ridgewood offers built-in security features and account monitoring services to help you stay one step ahead:

• Multi-Factor Authentication: Our Business Online and Mobile Banking includes strong security features to verify login attempts.
• Account Alerts: Set up customized alerts for large transactions, or low balances - so you will know right away if something's not right.
• Dedicated Business Banking Support: Have a concern? Our team is here to help. Reach out to our Business Banking Team directly.

Tips to Stay Safe This Summer

• Verify Requests: Always confirm payment or account change requests with a phone call—especially if they come via email or text. Be sure to use a known, legitimate phone number from your records or the company's official website—never the number provided in the suspicious message.
• Educate Your Team: Hold a quick security training to help staff recognize phishing emails and suspicious links.
• Use Strong Passwords and update them regularly.
• Don't Overshare on Social Media: Criminals can use your public posts to time scams during vacations or holidays.
• Shred Sensitive Documents before disposal, especially if your office is quieter in the summer months.

Stay Vigilant with Your Business Finances

Monitor your bank accounts regularly and review expenses to detect unauthorized transactions or anomalies. Utilize Ridgewood's Business Online and Mobile Banking to enhance security by tracking account activity, setting up real-time alerts, and reviewing payment history. Staying proactive helps protect your business from fraud.

Together, we can help stop fraud before it starts.

Our Business Banking team is here to support your business at every stage. Whether you need assistance with daily banking or planning for the future, our team can help guide you toward the right financial solutions.

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