Blog Posts Tagged with Small Business

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In hindsight: 2020

This time last year, we all were adjusting to a new normal. As the pandemic took hold, the FTC kicked into high gear on COVID-19-related issues, while continuing its work on other fronts, too. The just-announced 2020 Annual Highlights reflect important enforcement actions, policy initiatives, and outreach efforts undertaken in the past year.

Business owners: Scams will follow new rescue plan

The pandemic is still taking a toll on your customers, your employees – and your business. The new American Rescue Plan, just signed into law, gets the ball rolling to help out on many people’s financial well-being. Payments will soon be coming by direct deposit, checks, or a debit card to people eligible for the payment. You can learn more about who’s eligible, and the timing, at IRS.gov/coronavirus. Share that link with your staff to help keep them informed.

What to do if you’re billed for an SBA EIDL loan you don’t owe

Did you get a bill for a Small Business Administration (SBA) loan, but you didn’t apply for one? It’s possible that an identity thief applied for the loan using your personal or business information. The SBA has new guidance about reporting the fraud, and the FTC has tips to help you clear up any credit problems it may cause.
 

Identity Theft Awareness Week starts today

Among the challenges that COVID-19 has brought, add a higher risk of identity theft to the mix. In the past year, we had about 1.4 million reports of identity theft, double the number from 2019. Repeatedly, identity thieves targeted government funds earmarked to help individuals and small businesses hard hit financially by the pandemic. Find out about identity theft in the age of COVID-19.

Ransomware prevention: An update for businesses

Imagine turning on your computer one morning to discover you and your employees are locked out of your system. A threatening message appears on the screen demanding a ransom if you ever want to see your data again. You check your backups and they’ve been destroyed. Your business is at a standstill, losing money with every passing minute. It may sound like a nightmare, but for many companies, a ransomware attack is all too real. And even more disturbing is that reported ransomware attacks have increased dramatically since the beginning of the COVID-19 pandemic.

Reporting fraud helps everyone – including small businesses – and now it’s easier to do

Whether it’s a bogus message claiming your trademarks are about to expire unless you transfer money immediately or threats to ruin your credit if you don’t pay for unordered office supplies, scammers have small businesses in their sights. You can help the FTC and its partners fight fraud and you don’t even need to wear a superhero cape (unless you want to). Your story is your superpower. When you tell the FTC about frauds, scams, and other kinds of bad B2B practices, you’re helping the FTC and our law enforcement partners spot and stop scams.

Fake government affiliation: A name game no one should play

What’s in a name? According to an FTC lawsuit filed in April, if you’re an outfit that uses the name “SBA Loan Program” – and you falsely claim to be an approved lender for the Small Business Administration’s coronavirus relief lending program – what’s in your name is deception. Under the terms of a settlement, that shady tactic stops right here, right now.

National Small Business Week: Resilient and resolute

It’s National Small Business Week, a time set aside annually to salute American’s 30 million small businesses – companies that employ almost half of the country’s private sector workforce. The special focus this year is on the resilience and resolve of entrepreneurs and workers as they battle back against the impact of the pandemic.

Green Lights & Red Flags: FTC Rules of the Road for Business rocks on in Cleveland

Natives and fans heartily agree that “Cleveland Rocks!” That’s why the Federal Trade Commission and its Ohio partners are ready to roll with the next installment of Green Lights & Red Flags: FTC Rules of the Road for Business, set to make its online debut on October 29, 2020, from Cleveland.

School’s in session: 7 considerations to secure your system

If you have kids in school, there’s a good chance they’re kicking off their school year . . . in your living room. All the while, you’re connecting with clients, taking meetings, and making sales from a carved out corner at home. The start of a new school year is a good time to double-check your online set-up to make sure the kids can take their classes while you take care of business. Here are a few things to check or consider.

COVID-19 report data “on the daily”

Every day, the FTC is collecting data, watching the numbers, and spotting the trends. We’re also spreading the word about COVID-19-related scams that target consumers and businesses. Because the more you know about what’s happening, the easier it will be to protect yourself and others from these scams.

Protecting small businesses seeking financing during the pandemic

Small businesses are a critical part of the U.S. economy, providing opportunity and employment to consumers across the country. Unfortunately, the current health crisis has brought financial strain to small businesses and their ability to secure the financing they need to survive. So now more than ever, struggling businesses and their owners need protection from deceptive and unfair practices. And the FTC is working swiftly to provide it.

Six steps toward more secure cloud computing

For businesses, cloud services are kind of like clouds. At their best, they can be soothing and expansive. But for companies that fail to appreciate the security implications, their ethereal presence may hide dangerous storms within. As cloud computing has become business as usual for many businesses, frequent news reports about data breaches and other missteps should make companies think carefully about how they secure their data.

Looking for small business financing? Read this first.

Many small businesses, medical offices, non-profits, and religious organizations turned to a New York company called Richmond Capital for financing, but according to a lawsuit filed by the FTC, they got less – and way more – than they bargained for. The just-filed law enforcement action against a network of related companies and individuals is the latest step in the FTC’s ongoing effort against questionable financing practices that target small businesses.

FTC again warns multi-level marketers about unproven health and earnings claims

Dear Multi-Level Marketer. Stop it. Stop all promotions that push your products by claiming they prevent or treat COVID-19. Stop all misleading or unsubstantiated promotions that push your business opportunity by claiming people can earn substantial income peddling your products. The claims are unproven and deceptive. Whether you or your distributors are making them, you’re responsible. That means you could be breaking the law.

Unemployment benefits fraud puts workers at risk of more ID theft

A large-scale scam involving phony unemployment benefits claims has been making headlines. Criminals, possibly based overseas, are filing claims for benefits, using the names and personal information of people who have not lost their jobs. The investigation is ongoing, but this much is known: the fraud is affecting tens of thousands of people, slowing the delivery of benefits to people in real need, and costing states hundreds of millions of dollars.

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