Running a small business comes with countless responsibilities—and unfortunately, one of them is staying vigilant against scams. Whether it's a fraudulent invoice, a phishing email, or a deceptive vendor, scams can disrupt operations, damage reputations, and lead to financial loss. At National Bank of Arizona, we’re committed to helping small business owners protect their assets and recover quickly if the worst happens.

Here’s what to do if your business becomes the victim of a scam:

Act quickly

Time is critical. As soon as you suspect fraud, take immediate steps to contain the damage. If money was transferred, contact your bank or payment provider to see if the transaction can be reversed. Freeze any compromised accounts and change passwords associated with affected systems.

Our Tip: Create a fraud response checklist in advance so your team knows exactly what steps to take when time is of the essence.

Report the incident

Notify the appropriate authorities. This includes:

Your bank: They can help secure your accounts and investigate the fraud.

If you believe you responded to or received a fraudulent email, contact Online Banking Support at 855-848-2799 (Mon - Sat, 6:00 a.m. - 9:00 p.m. MST.). Also, forward any emails that you believe are fraudulent to abuse@zionsbancorp.com.  

If you suspect that someone has gained access to important personal information, such as your bank account number or your Social Security Number and may use that information for illegal purposes or to withdraw money from your account, call 855-848-2799 (Mon - Sat, 6:00 a.m. - 9:00 p.m. MST.). 

Local law enforcement: File a police report to document the incident.

The Federal Trade Commission (FTC): Report scams at ReportFraud.ftc.gov.

The FBI’s Internet Crime Complaint Center (IC3): The IC3 is the FBI's central hub for reporting cyber-enabled crime.

Reporting helps authorities track patterns and potentially prevent others from falling victim.

Our Tip: Keep a record of all communications and reports filed. This documentation may be needed for insurance claims or legal follow-up.

Inform your team

Let your employees know what happened, especially if internal systems or communications were compromised. Educate them on how to recognize similar scams and reinforce best practices for cybersecurity and financial procedures.

Our Tip: Host a quick team huddle or virtual meeting to walk through the scam scenario and reinforce security protocols. It's also a good idea to hold regular trainings on security protocols.

Communicate with stakeholders

If the scam affects customers, vendors, or partners, transparency is key. Let them know what happened, how you’re addressing it, and what steps you’re taking to prevent future incidents. Clear communication helps maintain trust and credibility.

Our Tip: Prepare a customizable incident response template for stakeholder communications to save time and ensure consistency.

Review and strengthen internal controls

Scams often expose weaknesses in business processes. Conduct a thorough review of your financial and IT systems. Consider:

• Implementing multi-factor authentication
• Restricting access to sensitive information
• Verifying vendors and invoices before payment
• Training staff on phishing and social engineering tactics

National Bank of Arizona offers business banking tools that include fraud prevention features—ask your banker about options that fit your needs.

Related Article: Cybersecurity Essentials for Small Businesses

Our Tip: Schedule quarterly audits of your financial and cybersecurity systems to proactively identify vulnerabilities.

Learn and adapt

Scams are constantly evolving. Stay informed about the latest threats by subscribing to cybersecurity alerts, following industry blogs,  and attending small business workshops. Encourage a culture of continuous learning within your organization. The more informed your team is, the better equipped they’ll be to spot suspicious activity before it causes harm.

Our Tip: Assign someone on your team to monitor fraud trends and share monthly updates during staff meetings. Consider rotating this responsibility to keep everyone engaged and informed.

Final thoughts

Being the victim of a scam is stressful, but you’re not alone. National Bank of Arizona is here to support you with tools, resources, and personalized service. If you suspect fraud or want to strengthen your business’s defenses, contact your local banker today.