LJ Financial Solutions

Business email compromise (BEC) is when scammers pretend to be someone you trust, like a company leader, co-worker, or supplier, using email. Their goal is to trick you into sending money or sharing personal information. This may occur through deceptive emails, fake invoices, or, in some cases, malicious links.

Scammers often

•Gain unauthorised access to, or spoof (fake), a legitimate email address

•Change banking details on invoices

•Pretend to be a senior leader requesting an urgent payment

•Impersonate suppliers demanding 'overdue' payments

•Pretend to be IT or administrative staff requesting password resets

•Fake invoices or payment requests - emails that appear to come from a known supplier, asking for payment to new or changed banking details

•Executive or authority impersonation - emails that seem to come from a senior manager or trusted authority, pressuring you to make urgent payments or transfers

•Fake emails from recruiters - emails offering job opportunities and asking for personal information or upfront fees

•Property or rental scams - scammers intercept emails between rental agents and tenants and send false banking details so rental payments are diverted

•Recurring unauthorised debit orders - scammers obtain banking details through deceptive emails and set up small recurring debit orders (from as little as R99) that may go unnoticed over time

How you can protect yourself

Pause when something feels urgent; think before acting

Always verify requests by phoning a trusted number you already have, not the one provided in the message

Check details carefully, as small errors or changes may indicate fraud

Never share passwords, banking details, CVVs or OTPs with anyone

Enable your inContact SMS notifications to receive an alert for each transaction on your account

Review your bank statements regularly for unknown or recurring debit orders

Never click on links or share your banking details where required to do so

Cash flow is the lifeblood of any small business. You can be profitable on paper and still struggle to pay suppliers, salaries or VAT if clients are not paying you on time. For many small business owners, the stress of chasing invoices is not just frustrating. It is disruptive, time consuming and financially dangerous.
Late payments from customers are not merely administrative inconveniences. They directly affect your liquidity, your ability to grow and your personal financial stability. The good news is that payment discipline can be systemised.

Set Clear Payment Terms Before Work Begins
Most payment disputes arise from unclear expectations.

Small business owners often avoid difficult conversations at the start of a relationship, whereas upfront clarity protects both parties. When expectations are communicated upfront, accountability improves

Phishing

Phishing is a method used by fraudsters to obtain your sensitive information such as card number, CVV, online banking credentials etc. It is done by an email request sent with fake links to websites, prompting you to disclose information. Spot fake website URLs by checking for subtle misspellings, unusual characters, extra words, or unfamiliar domain extensions that mimic legitimate websites.

TIP
Never click on any links in an email, SMS or WhatsApp messages, even if the message appears to be from FNB, or give out sensitive information such as card details, log in credentials and one time PINs (OTPs).

Social media has become a daily essential. Whether we’re connecting with loved ones, sharing our perspectives, or exploring new ideas, we instinctively turn to our favourite platforms to stay informed and inspired.

But as our digital presence grows, so does the risk. These platforms have also become fertile ground for scammers looking to exploit our trust and target us when we least expect it.

Be careful not to fall for giveaways or contests that appears to good to be true, that promise you valuable prizes in exchange for your personal information

Remember that genuine giveaways will always be conducted through a company’s official channels and they will not ask you for sensitive information in order to participate.

If an investment opportunity sounds too good to be true, it probably is a scam.

When you encounter a quiz or personality test on social media that asks for unnecessary personal details or permissions, do not proceed.

Scammers can use this to trick you into answering security questions helping them to collect personal information to target you for more personalised phishing scams, hack your accounts or commit identity theft.

Always verify the sender’s identity before responding.

If in doubt, contact the person directly via call, text, or email for confirmation..