Thanksgiving is a season of gratitude, generosity, and, for businesses, a boost in sales. But along with the hustle and holiday cheer comes a heightened risk of scams that take advantage of busy operations. Between seasonal hires, increased transaction volume, and year-end pressures, fraudsters see an opportunity to strike. For business owners, staying vigilant now can help safeguard your cash flow, protect your brand reputation, and secure sensitive information.
Thanksgiving scams to watch for
Knowing the common scams that pop up around Thanksgiving can help your team stay alert and protect your business. Here are some of the schemes to look out for during the holidays:
Business email compromise (BEC)
In BEC attacks, fraudsters impersonate trusted contacts — such as vendors, executives, or even your CEO — and send urgent messages requesting wire transfers, gift cards, or payments for “holiday supplies.” These emails are often carefully crafted to look legitimate, using familiar logos, language, and email addresses to convince employees to act quickly.
Overpayment (refund) scams
In an overpayment scam, a fraudster posing as a client or customer intentionally pays more than the agreed-upon amount for a product or service. At first glance, the overpayment might seem like a lucky break, but soon after, the fraudster requests a “refund” for the excess.
The problem is that the original payment is often fraudulent or reversed after the refund is issued. This means your business ends up sending real money back, resulting in a direct financial loss.
Gift card fraud
Fraudsters often target small and medium-sized businesses (SMBs) by impersonating executives and requesting employees to purchase gift cards for “bonuses” or “client gifts.” Once the card numbers are shared, scammers can drain the funds almost immediately, creating an unexpected financial setback.
Fake requests for donations
Thanksgiving naturally encourages generosity, and many SMBs support local causes or engage in seasonal giving. Fraudsters exploit this goodwill by impersonating legitimate charities, sending emotionally charged emails, and pressuring businesses to donate through unverified links or unusual payment methods. The result can be financial loss and potential exposure of sensitive company information.
Read also: Holiday Scams In Disguise: What To Watch Out For When Donating Online
Remote work and technology vulnerabilities
As employees work remotely during Thanksgiving, the risk from unsecured Wi-Fi, weak authentication, and unpatched systems increases. Remote setups can expose sensitive business data to hackers if devices aren’t properly secured or updated. Employees may also access company resources from personal devices or public networks, creating additional entry points for cybercriminals to exploit.
How SMBs can strengthen their defenses
The holiday season is busy enough without having to worry about fraud. Following these best practices can help your SMB safeguard money, data, and customer trust.
Educate and empower your team
Teach employees to double-check any emails asking for unusual or urgent payments and confirm updates to a vendor’s payment details through a reliable channel, like a phone call. Also, train them to recognize phishing tactics, including spoofed email addresses or emotion-driven requests for donations.
Don’t forget seasonal or temporary staff, who may be less familiar with your internal processes and therefore more vulnerable. Bringing everyone up to speed ensures your entire team can spot threats and act cautiously, strengthening your business’s defenses during the holidays.
Lock down financial processes
Start by requiring dual approval for any payments above a set threshold, so significant transactions are always reviewed by more than one person. Pair this with an internal verification system to confirm any vendor requests. For instance, a code word or pre-agreed method can be used to verify the request directly with a known vendor contact.
Finally, maintain clear workflows and backup contacts for out-of-office staff, ensuring that unusual payment requests are never overlooked.
Use strong authentication and secure systems
Weak passwords and unsecured email systems can leave your business open to attacks, so it’s crucial to enforce strong password policies across your teams. Require multifactor authentication (MFA), ideally with phishing-resistant methods instead of just SMS codes. Additionally, keep all software up to date, as unpatched systems are a common target for fraudsters. Regularly monitor for vulnerabilities and address any gaps proactively to stay one step ahead.
Set up fraud monitoring and incident protocols
Continuous monitoring of transactions and login activity can help spot issues before they escalate. Complement this with a clear incident response plan that outlines who handles fraud, how to communicate internally, and the steps for recovery. Together, these measures give your business the ability to respond quickly and confidently if something goes wrong.
Thanksgiving is a time to serve your customers, celebrate your accomplishments, and build community, not to be distracted by scams or business risks. By staying aware, implementing strong processes, and using the right security tools, you can protect your business without losing focus on what matters most.
For expert guidance on keeping your SMB secure during the holidays and year-round, turn to Healthy IT. Our team can help you implement practical, effective solutions to protect your data, transactions, and overall business health. Reach out to us today.