Cybercrime: How Small Business Can Stay Protected

Cybercrime doesn’t just target big corporations. In fact, small to midsize businesses are often the most targeted victims, because criminals believe they can move faster, face fewer roadblocks and reach decision-makers more easily.

According to recent FBI data, billions of dollars are lost each year to cybercrime, with small to midsize businesses accounting for a large portion of those losses. Many incidents also go unreported, meaning the real impact is likely higher.

At FMS Bank, protecting our customers goes beyond just accounts and transactions. It means helping local businesses and families understand today’s risks, and giving them practical ways to reduce them.

Why Small Business is Targeted for Cybercrime

Cybercriminals often focus on organizations that:

• Have limited IT resources
• Rely on email and digital payments
• Process high-value transactions
• Need to move quickly to keep operations running

In other words, everyday businesses that keep our communities thriving.

Behind these attacks are cybercrime groups, criminals (often operating internationally) that range from loosely organized gangs to highly-efficient operations.

Common Cybersecurity Threats

While tactics will always be evolving, most attacks fall into these categories:

Phishing and Smishing

These scams use fake emails or text messages that appear to come from trusted sources such as delivery companies, financial institutions, vendors, or even coworkers. Messages often create urgency, prompting quick action before something “bad” happens.

Spear Phishing and Executive Impersonation

More targeted attacks may impersonate a specific person within your organization, such as an owner, executive, or trusted vendor. These messages often request secrecy and immediate action.

Business Email Compromise (BEC)

Business Email Compromise scams don’t all work the same way. In many cases, scammers use spoofed email addresses that look like they’re coming from a trusted coworker or vendor, but aren’t. These are more common and rely on quick action to counter.

In more serious cases, an email account is compromised. In this scenario, scammers quietly monitor a real inbox, learning and waiting for the right moment to change payment instructions. Because these messages come from a legitimate address, they can be much harder to spot.

Ransomware

Ransomware attacks involve criminals gaining access to systems, copying data, and encrypting it to make it unusable. Victims are then pressured to pay for decryption and/or the promised deletion of stolen data. Payment does not guarantee recovery, and law enforcement generally discourages paying ransoms.

Account Takeovers

Account takeover occurs when scammers gain access to legitimate accounts, such as email, online banking, payroll, or mobile devices. Once inside, they may monitor activity, change credentials, redirect payments, or use the account to launch additional fraud. Because the access is real, these attacks can be difficult to detect without strong controls and monitoring.

How to Flag Suspicious Emails and Text Messages

Whether it’s an email or a text message, watch for:

• Urgent or threatening language
• Requests to change payment instructions
• Unexpected attachments or links
• Slight misspellings in email addresses or domains
• Messages that don’t match a sender’s normal tone

Cybersecurity Best Practices for Small Businesses

The good news is that basic cybersecurity protections are easier to put in place than most people expect.

• Enable multi-factor authentication whenever possible
• Use strong, unique passwords and avoid reuse
• Keep systems, browsers, and software updated
• Back up important data regularly
• Limit administrative access on devices
• Train employees to recognize suspicious messages

Cybercrime thrives on opportunity, so reducing easy access points can dramatically lower risk.

Financial Safeguards That Matter

Strong financial controls can help stop fraud before money ever leaves your account. Tools like dual approval for payments, Positive Pay and ACH controls, and call-back verification for changes to payment instructions add an important layer of protection. Setting reasonable limits on transactions and monitoring account activity regularly can also help catch issues early. These safeguards don’t slow business down, they’re designed to support everyday operations while reducing risk and protecting what you’ve worked hard to build.

Financial controls that add extra protection include:

• Dual approval for payments
• Positive Pay and ACH controls
• Call-back verification for payment changes
• Spending limits on cards and accounts

What to Do If Your Business is Compromised

If you suspect fraud or a cyber incident may have occurred:

• Stay calm and secure your systems
• Contact your IT provider if applicable
• Change affected passwords
• Call your bank immediately
• Report the incident to appropriate authorities

Early action can make all the difference in the world.

FMS Bank: Your Trusted Partner in a Digital World

Cyber threats continue to evolve, but so do the tools and strategies to combat them. At FMS Bank, we believe education and partnership are just as important as technology.

If you have questions about protecting your accounts, setting up payment controls, or exploring fraud-prevention tools available through your banking relationship, our team is here to help. Because protecting your business is part of protecting our community, and that’s something we take personally.