Domain Slamming

Domain slamming usually entails the victim being contacted by a scammer pretending to be a web domain name company. The most common way for this scam to present is that the scammer will inform the victim - usually via email - that their web domain is about to expire and that they need to pay immediately for renewal. 

What to look for

If contacted via email, the email is usually a disguised transfer notice that will take the victim to an unauthorised different site, which means when they make payment or enter payment details this information can be captured be the scammer. The victim not only authorises the payment without realising who they are paying, but gives their card details to the scammers. Sometimes the victim may even lose access to their own site. 

In order to avoid falling victim to scams like this, it's important to ensure that a site is secure before even entering payment details. You can do so by checking that the address starts with https rather than just http, and that there is a little padlock in the left hand side of the search bar. 

This scam has been reported in other forms, sometimes with scammers posing as buyers for existing domain names in order to capture payment details and money for an unnecessary (and false) sales process - such as appraisal fees.

How to react

Avoid being scammed in this way or in a similar fashion by establishing trustworthy relationships with any wholesalers, service providers or companies you do business with, and by keeping thorough records detailing business partners, advertising, subscriptions and renewals. Being familiar with providers/suppliers and with renewal dates can make it easier to spot fakes. 

If unsure about contact you've received, caution and a calm, measured reaction is the best way to respond. Ensure you take time to check records and confirm all details before promising payment. 

It's important to practice caution even when contacted by people or organisations who seem familiar. More successful scammers can be talented hackers, or be great at posing as someone trusted. This is why your last line of defence should be checking that any websites used to process payments should be secure - so look for that https and the small padlock icon. 

At Choice Business Loans, we care about businesses and their finances. We know how hard you work for the money you make, and how devastating it can be to lose it. That's why we want to educate businesses both large and small on the threat of scams and how they can safeguard themselves. Business fraud is becoming more and more sophisticated, so it's really important to be aware and up to date on all the latest scams and how they work.

We deal with a wide range of lenders and specialist brokers and have the knowledge and experience to examine different finance options and make suggestions to suit our clients. We can look at anything from a traditional bank loan, to Crowdfunding, Fintech lending, Merchant Cash Advances and similar innovative options.

Drop us an email at enquiries@choicebusinessloans.co.uk or call us on 01494 410 125 to speak with one of our team about what kind of help we can offer you.