How SMEs can protect their business from popular scams
For many SMEs, a single convincing request may compromise company funds, banking credentials, and sensitive business information.
However, scams are becoming harder to spot as fraudsters combine social engineering with spoofed emails, caller ID manipulation, artificial intelligence (AI) and deepfake technology.
To help small businesses strengthen their defences, UOB and the Singapore Police Force (SPF) organised a Scam Awareness and Prevention Event for our valued business clients.
Through real-life examples and interactive discussions, participants gained practical knowledge on how scammers exploit trust and technology – and what businesses can do to implement stronger safeguards before money or information changes hands.
What are the common scam threats facing SMEs?
The session highlighted two of the most prevalent scam types. Participants also learned about bank official impersonation, deepfake scams, e-commerce scams, and money mule schemes.
- Business email compromise scams
Business email compromise (BEC) scammers impersonate a colleague, vendor, or business partner to trick an employee into transferring money or disclosing sensitive information. Employees who handle invoices, payrolls, and fund transfers are common targets.
A fraudulent email may look genuine at first glance with a familiar writing style but warning signs include:
- Unexpected urgency: The sender pressures the employee to transfer funds immediately or bypass normal procedures
- Changed payment details: An existing supplier suddenly asks for payment to a new bank account
- Lookalike email addresses: The domain or sender name contains a subtle misspelling, substituted character, or unfamiliar address
- Unusual requests: The sender asks for gift cards, confidential records or passwords.
In these instances, businesses should verify every new or changed payment instruction through a trusted channel. A single callback to a previously known phone number may stop a scam before funds are transferred.
- Impersonation scams or deepfake threats
These scammers pose as government officials, bank staff, insurance agents, or even senior executives. AI-generated videos or voice makes these urgent requests more legitimate.
A familiar face, voice or phone number is no longer proof of identity. Watch for:
- Requests for secrecy or urgency: The caller discourages independent checks and urges immediate action
- Unsolicited calls about identity misuse: The caller says that the employee or company is under investigation, then transfers the call to an accomplice posing as an official
- Requests for banking information: The caller asks for passwords, one-time passwords (OTPs), account balances, or login details as part of an alleged investigation or compliance check
- Unexpected instruction from a company leader: A video or voice message directs an urgent transfer that falls outside established approval processes
Eight practical steps business can take today
The strongest defence combines informed employees, clear payment processes and good cyber hygience:
- Set clear payment, fund transfer, and approval rules
- Use maker-checker controls requiring at least to authorised personnel to approve transactions
- Verify new or changed instructions independently
- Train employees regularly: Use realistic examples to help staff recognise phishing, BEC, impersonation, deepfakes and possible money mule activity
- Keep banking credentials confidential and never disclose passwords, OTPs or account information
- Avoid clicking on suspicious links or opening unexpected attachments from external email sources
- Limit personal information shared on social media and review privacy settings regularly
- Monitor transactions and alerts by reviewing notifications promptly. Escalate unusual activity to the finance, IT or information security team.
What happens if your business has been compromised?
If you suspect that your account has been compromised:
- Log in immediately and change your password.
- Call UOB's 24-hour hotline at 6255 0160.
- Request a temporary suspension of your User ID via the hotline.
- Report the incident internally to your finance, IT or information security team for further investigation.
Building stronger scam resilience for small businesses
Scam tactics will continue to evolve
Fraudsters are continually refining their tactics, leveraging technologies such as AI and deepfakes to create increasingly convincing scams that can lead to substantial financial losses.
Employees are a critical line of defence
A well-informed workforce is one of the strongest safeguards against fraud. Regular awareness training helps employees identify warning signs, spot potential money mule activities, and understand when to escalate concerns.
Robust controls reduce risk
Clear verification procedures, maker-checker approvals, and disciplined escalation processes can help organisations prevent suspicious transactions from slipping through the cracks.
Technology strengthens resilience
Security solutions and transaction controls can help organisations detect, deter, and respond to scam attempts while mitigating risks arising from internal misuse or compromised accounts.
ACT to strengthen scam awareness
SPF encourages the public and businesses to ACT against scams:
ADD security features. Install the ScamShield app where relevant. Enable two-factor or multi-factor authentication, and set appropriate internet banking transaction limits.
CHECK for scam signs. Pause, question unusual requests, and verify them with official sources. Suspicious messages, phone numbers and links may be checked through the ScamShield app or website.
TELL the authorities and others. Report fraudulent transactions to the bank immediately. Alert the relevant internal teams and share scam warnings with colleagues, family, and friends.
The partnership UOB and SPF reflects a shared commitment to strengthening scam awareness and protecting Singapore's business community. While technology continues to evolve, awareness remains one of the strongest lines of defence against scams.
Customers were encouraged to share scam prevention knowledge with colleagues, employees, friends and family members, helping to create a more resilient and informed community.
Through initiatives such as these, UOB continues to support SME customers in building stronger cyber resilience, safeguarding their businesses and navigating an increasingly complex digital landscape with greater confidence.
Frequently asked questions
Contact the supplier or requester through a trusted channel using contact information already held in company records. Do not rely on the phone number or link included in the message requesting the change.
No. Deepfake technology can imitate a person's face or voice. Treat unexpected or urgent instructions as unverified until they have passed the company's normal approval and callback procedures.
Call UOB's dedicated 24/7 Fraud Hotline at +65 6255 0160 and press '1' to report the case. If you are unsure whether something is a scam, call the 24/7 ScamShield Helpline at 1799.
Missed the last session?
Stay tuned for future UOB SME Banking Scam Awareness and Prevention events, where we continue to provide valuable updates, expert insights and practical tips to help businesses navigate the evolving scam landscape.
Be sure to indicate your interest in the feedback form (check “Others” and enter “Events” in the Feedback box) so that you can receive invitations and updates on upcoming sessions and other customer engagement events.
