Wyoming Business Tips for July

An occasional look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Rob Condie, regional director for southwest Wyoming, Wyoming SBDC Network

Have you ever received an email that you thought might be a little bit suspicious, maybe even fraudulent? 

People all around the state, and even the world, are seemingly always, unfortunately, looking for a way to scam people out of their hard-earned money. I want to touch on a few ways we, as employees and/or business owners, can try to catch those scams before we are hit with one.

When dealing with emails, particularly from unfamiliar or unexpected senders, it’s crucial to be cautious with every aspect of the email. 

Here are some key strategies to protect yourself:

-- Be wary of suspicious links and attachments: Don’t click on links or open attachments in unexpected emails, especially if they create a sense of urgency or threaten negative consequences if you don’t act quickly. Hover over links to reveal the actual URL before clicking, and don’t download attachments unless you are certain of the sender and its legitimacy.

-- Verify the sender’s identity: If you receive a suspicious message claiming to be from a company or organization you know, don’t rely on the email to provide contact information. Instead, go directly to the organization’s official website (using a trusted source like a bookmark or a new web search) and contact them through their officially listed channels to verify the message’s authenticity.

-- Look for red flags. These include:

Generic greetings: Reputable organizations often personalize emails, so a generic greeting like “Dear Customer” can be a warning sign.

Poor spelling and grammar: Legitimate companies generally proofread their communications, so obvious errors can indicate a scam.

Mismatched or suspicious email domains: Check the sender’s email address. Subtle misspellings or domains different from the company’s official domain are red flags.

Unusual requests for personal information: Legitimate companies rarely ask for sensitive information, such as passwords or financial details via email.

Promises that seem too good to be true: Offers of large sums of money or prizes are often lures to entice you to click on malicious links or provide personal information.

-- Secure your accounts.

Use strong, unique passwords for all accounts, and enable multifactor authentication (MFA) whenever possible. This adds an extra layer of protection, making it significantly harder for scammers to access your accounts even if they obtain your password.

Regularly review your financial statements and online account activity for any suspicious transactions.

-- Keep your software updated: Ensure your operating system, web browser and security software (antivirus and firewall) are up to date. These updates often include patches for vulnerabilities that scammers exploit.

-- Use anti-phishing tools: Consider browser extensions or add-ons that can help detect and block access to known phishing sites. 

By following these best practices and maintaining a healthy level of skepticism when it comes to unexpected emails, you can significantly reduce your risk of falling victim to email scams. 

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2024, the Wyoming SBDC Network helped Wyoming entrepreneurs start 46 new businesses; support 1,870 jobs; and bring a capital impact of $2.9 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. SBA.

To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.

For more information, go here.