Started a new Business? Beware of Scams!

By Paul Aguilar

As a business owner, you’re no stranger to the countless decisions and challenges that come with running a company. However, there’s a growing threat that every entrepreneur needs to be aware of: mail scams targeting businesses. These scams are becoming increasingly sophisticated, often disguising themselves as official correspondence or urgent legal requirements. By staying informed and vigilant, you can protect your business from unnecessary fees and potential legal troubles.

Common Mail Scams Targeting Businesses

1. BOI (Beneficial Ownership Information) Registration Scams

The Corporate Transparency Act (CTA) requires many businesses to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Scammers are exploiting this legitimate requirement by sending official-looking letters demanding immediate payment for BOI registration.

The Truth: While BOI reporting is a real requirement, it’s free to file with FinCEN. Any letter demanding payment for this service is likely a scam.

2. Corporate Transparency Act (CTA) Requirement Scams

Similar to BOI scams, some fraudsters are sending letters claiming to be from government agencies, insisting that businesses must pay fees to comply with the CTA.

The Truth: The CTA is indeed real, but compliance doesn’t require paying fees to third-party companies. Official information and filing are done through FinCEN at no cost.

3. Other Common Scams

  • Business License Renewal Scams: Letters demanding payment for renewing various business licenses, often at inflated prices.
  • Directory Listing Scams: Invoices for listings in business directories you never agreed to join.
  • Labor Law Poster Scams: Offers to sell government-mandated workplace posters at excessive prices, when many are available for free from official sources.

Red Flags to Watch For

Be on alert for these common tactics used by scammers:

  1. Official-looking seals or logos that mimic government agencies
  2. Urgent deadlines creating pressure to act quickly
  3. Threats of penalties, fines, or legal action for non-compliance
  4. Requests for sensitive business or financial information
  5. Demands for payment by wire transfer or gift cards
  6. Use of vague or misleading language about services offered

How to Protect Your Business

  1. Verify all requests: Before paying any fee or providing information, verify the request with the appropriate government agency directly through their official website or phone number. Ask EGBI staff. EGBI is willing to help if you receive any letter.
  2. Educate employees: Ensure that all staff members who handle mail and finances are aware of these scams and know how to identify them
  3. Stay informed: Regularly check official government websites and reputable business associations for updates on actual requirements and known scams.
  4. Use official sources: For any government filings or renewals, always use the official government websites or offices directly.
  5. Be skeptical: If something seems off or too good to be true, it probably is. Trust your instincts and do your due diligence.

What to Do If You’ve Been Scammed

If you believe you’ve fallen victim to a business mail scam:

  1. Contact your bank immediately if you’ve shared financial information or made a payment.
  2. Report the scam to the Federal Trade Commission (FTC) at ftc.gov/complaint.
  3. File a report with your local police department.
  4. Alert your state’s Attorney General’s office.
  5. Inform industry associations and nearby businesses to help prevent others from falling victim.

Conclusion

In today’s fast-paced business world, scammers are constantly devising new ways to exploit hardworking entrepreneurs. By staying informed about common scams, recognizing red flags, and implementing protective measures, you can safeguard your business against these fraudulent schemes. Remember, legitimate government agencies won’t pressure you for immediate payment through the mail. When in doubt, verify, verify, verify. Your business’s financial health and reputation are worth the extra effort to ensure you’re dealing with legitimate requirements and not falling prey to sophisticated scams.

Stay vigilant, stay informed, and keep your business safe from mail scams.

Find the Spanish version here.

Securing Your Facebook Account 

By Rutu Ruparel

In today’s digital age, securing your social media accounts is more important than ever. One of the best ways to protect your Facebook account is by using an authenticator app. This adds an extra layer of security and makes it harder for hackers to gain access. 

Follow these steps to secure your Facebook account using an authenticator app:

Step 1: Install an Authenticator App

First, you’ll need to download an authenticator app on your smartphone. Some popular options include:

  • Google Authenticator
  • Authy
  • Microsoft Authenticator

You can find these apps on the App Store (for iOS) or Google Play Store (for Android).

Step 2: Log into Your Facebook Account

Open your web browser and log into your Facebook account. Make sure you’re using a secure network connection.

Step 3: Go to Security Settings

  1. Click on the downward arrow in the top-right corner of Facebook to open the drop-down menu.
  2. Select Settings & Privacy, then click on Settings.
  3. In the left-hand menu, click on Security and Login.

Step 4: Set Up Two-Factor Authentication

  1. In the Two-Factor Authentication section, click on Edit next to Use two-factor authentication.
  2. Facebook will prompt you to enter your password again for security purposes.

Step 5: Choose Your Security Method

  1. You’ll see several options for two-factor authentication. Select Authentication App.
  2. Facebook will display a QR code.

Step 6: Link Your Authenticator App

  1. Open the authenticator app on your smartphone.
  2. Tap on the + icon or Add Account (the process may vary slightly depending on the app).
  3. Choose Scan a QR code and use your phone’s camera to scan the QR code displayed on Facebook.
  4. The authenticator app will automatically add your Facebook account and generate a six-digit code.

Step 7: Enter the Code

  1. Enter the six-digit code from the authenticator app into the Facebook prompt.
  2. Click Continue.

Step 8: Save Your Backup Codes

  1. Facebook will provide you with a set of backup codes. These can be used if you lose access to your authenticator app.
  2. Save these codes in a secure place. You can either download the codes, write them down, or save them in a password manager.

Step 9: Confirm and Finish

  1. Once you’ve entered the code and saved your backup codes, click Finish.
  2. You’ll receive a confirmation that two-factor authentication is now enabled.

Additional Tips for Keeping Your Account Secure

  • Enable Login Alerts: Under the Security and Login settings, enable alerts for unrecognized logins. This will notify you if someone tries to access your account from an unknown device or location.
  • Regularly Review Your Security Settings: Periodically check your security settings to ensure everything is up to date.
  • Be Cautious with Third-Party Apps: Only connect third-party apps to your Facebook account that you trust.

By following these steps, you can add a significant layer of security to your Facebook account.

Find the Spanish version here.

La Incubadora Podcast: Building a Financial Cushion: Insights from Eduardo Miramontes

By: Rutu Ruparel

In today’s unpredictable business landscape, having a financial contingency plan is not just prudent; it’s essential. Eduardo Miramontes, Member Success Manager at A+ Federal Credit Union, shares his insights on the importance of financial preparedness for businesses. With his rich background and dedication to helping others, Eduardo offers valuable advice that every business owner should consider.

Eduardo Miramontes’ story begins in Mexico, where he spent the first half of his life working for major banks. His career took a significant turn when he moved to the United States in 2009, choosing to work exclusively with credit unions. Starting as a member service counselor, he has held various roles, including branch manager positions. Today, as a Member Success Administrator, Eduardo focuses on developing strategies to better serve the Hispanic community, bringing his passion for helping others to the forefront.

Eduardo’s professional journey is deeply intertwined with his personal values. He believes that the true purpose of life is to assist and support those around us. Every day, he finds joy in making a positive impact on people’s lives through his role at A+ Federal Credit Union. Unlike traditional banks, credit unions operate as not-for-profit organizations owned by their members. This member-centric approach ensures that the primary focus remains on serving the members rather than generating profits. Each member has a vote in electing the board of directors, who serve voluntarily. This structure allows employees like Eduardo to prioritize helping members without the pressure of meeting sales targets, aligning perfectly with his personal values and professional mission.

Eduardo frequently encounters business owners who lack a contingency plan or savings for unforeseen events. He emphasizes the importance of defining what constitutes a “rainy day” and differentiating it from regular, predictable expenses. For instance, regular vehicle maintenance should be planned for, whereas something as unpredictable as the COVID-19 pandemic exemplifies a true rainy day scenario.

While many potential challenges in business can be anticipated and planned for, truly unforeseeable events require a dedicated rainy day fund. This fund should be distinct from regular savings and specifically earmarked for emergencies. During the pandemic, businesses with such savings were better able to retain employees and maintain operations while awaiting government assistance.

For entrepreneurs and small business owners, Eduardo’s primary advice is to start saving immediately, regardless of the amount. Developing the habit of setting aside a portion of income regularly is crucial. He suggests treating savings as an expense within your budget to ensure it becomes a consistent practice. Whether it’s a percentage of income or a fixed amount, the key is to begin without delay and maintain the discipline to continue saving over time.

Eduardo Miramontes’ insights highlight the critical role of financial preparedness in business success. By understanding the unique advantages of credit unions, recognizing the importance of a rainy day fund, and starting to save immediately, business owners can build a more resilient and sustainable future.

Find the Spanish version here.

Meet EGBI intern: Katherine Garcia

Katherine is a summer intern here at EGBI. She will be going into Junior year in these coming months. She was born here in Austin Texas. She is planning on playing soccer, basketball, and volleyball. She also enjoys skateboarding during her free time.

 Are you currently in school? If so, what grade will you be going to this year?

Yes I am currently in school, I will be going into junior year. 

Where were you born?

I was born here in Austin Texas.

Do you do any activities in school?

I don’t do activities, but this year i am planning on joining cheerleading or basketball. 

What are some other activities you do outside of school?

Outside of school I love walking, talking to my friends, I also enjoy skateboarding and watching series on netflix and eating. And I love listening to music a lot. 

How did you end up here at EGBI?

I am an intern here in EGBI, I always wanted to study criminal justice as well as having a business. I ended up choosing a business office because I wanted to learn a few things and get experience that will be useful for my future.  

What’s a fun fact about you?

A fun fact about me is that I play soccer, basketball, and volleyball. 

Do you enjoy it here at EGBI?

I enjoy being here and having an opportunity to work for EGBI. I love how they help people and teach them new things. Another thing is as an intern they still have expectations we have to follow so they can teach us how work is done, how we can be time efficient, and among other things. 

What’s a good experience you had here at EGBI?

A good experience I had here at EGBI is being able to talk to business owners as well as co-workers and making new friends. 

Has EGBI helped you achieve a goal of yours?

EGBI has helped me personally and professionally to better my communication and expand my vocabulary. They have also taught me a few business tips as well and I will forever be grateful to this amazing organization and for giving me the opportunity to be here. 

Is there anything else you’d like to share?

And I have nothing else to share, thank you. 

Find Spanish version here.

Conozca al pasante de EGBI: Katherine Garcia

Katherine es una pasante de verano aquí en EGBI. Ella entrará al tercer año en los próximos meses. Nació aquí en Austin Texas. En la escuela juega fútbol, ​​basketball, y volleyball. También le gusta andar en patineta durante su tiempo libre.

¿Estás en la escuela? Si es así, ¿A qué grado irás este año?

Sí, estoy en la escuela, entraré al tercer año. 

¿Donde naciste?

Nací aquí en Austin Texas.

¿Realizas alguna actividad en la escuela?

No hago actividades, pero este año planeo unirme a porristas o baloncesto. 

¿Cuáles son algunas otras actividades que haces fuera de la escuela?

Fuera del colegio me encanta caminar, hablar con mis amigos, también disfruto andar en patineta y ver series en netflix y comer. Y me encanta escuchar música mucho. 

¿Cómo llegaste aquí en EGBI?

Soy pasante aquí en EGBI, siempre quise estudiar justicia penal además de tener un negocio. Terminé eligiendo una oficina de negocios porque quería aprender algunas cosas y adquirir experiencia que me fuera útil para el futuro.  

¿Qué dato curioso sobre ti?

Un dato curioso sobre mí es que juego fútbol, ​​baloncesto y voleibol. 

¿Lo disfrutas aquí en EGBI?

Disfruto estar aquí y tener la oportunidad de trabajar para EGBI. Me encanta cómo ayudan a las personas y les enseñan cosas nuevas. Otra cosa es que, como pasantes, todavía tienen expectativas que debemos seguir para poder enseñarnos cómo se hace el trabajo, cómo podemos ahorrar tiempo y, entre otras cosas. 

¿Cuál fue una buena experiencia que tuviste aquí en EGBI?

Una buena experiencia que tuve aquí en EGBI fue poder hablar con dueños de negocios y compañeros de trabajo y hacer nuevos amigos. 

¿EGBI te ha ayudado a alcanzar alguna de tus metas?

EGBI me ha ayudado personal y profesionalmente a mejorar mi comunicación y ampliar mi vocabulario. También me han enseñado algunos consejos de negocios y siempre estaré agradecido con esta increíble organización y por darme la oportunidad de estar aquí. 

¿Hay algo más que te gustaría compartir?

Y no tengo nada más que compartir, gracias

Traducido en Español por Michael Arroyo. Encuentre la version Ingles aqui

La Incubadora Podcast: What is La Incubadora Podcast?

My name is Larissa Davila and I am happy to welcome you to our space for small business owners in Central Texas. I am part of the La incubadora podcast and this project is part of an economic broad business incubator. EGBI is a local non-profit organization in Central Texas with the mission of providing training, coaching, and support to entrepreneurs and existing business owners who face a barrier to growing a successful business. We believe that every business should be profitable, sustainable, and an asset to our community. We dedicate all our efforts to pave the way for a community where this is attainable. The organization works with micro and small business owners who have been in businesses for less that five years and many businesses we work with are not active yet. Some companies associated with EGBI could be considered informal businesses but the owners are ready to transition into a more structured format. Typically companies that partner with EGBI are family businesses or what is defined as a family business or a lifestyle business. This is a type of business that guys into the lifestyle of the business owner. The reason we decided to launch a language podcast is because we see success stories everyday and we wanted to create a space to share these stories. We also receive lots of questions that are very repetitive and we wanted to provide audio and video for small business owners to be able to listen to this information at their own business, own time, and at their own pace. To be able to take notes. Once they are ready they can come forward and continue with their coaching services. We also know that we talk a lot of entrepreneurs that have a lot of experience. We speak with leaders of opinion and with people that work in risk in organizations and companies that are resources for small business owners and we wanted to provide all information in one space. Additionally all the episodes that we record are recorded in both English and Spanish. If you listen to this episode in a language that is not your primary language just skip to the next episode and you’ll find that in another language. Remember at EGBI we offer coaching and support for small business owners and you can find all the information out at egbi.org. If you know someone who could benefit from this information please share with them this link. We want you to join us as a client, ally, volunteer, or sponsor. We are here to help. 

Find video here and find the Spanish version here

Meet an EGBI client- Yesenia Gonzales

I am of Mexican origin, I have been living in the Austin Tx area for some years, I am the wife of Mr Jorge Soto and mother of 2 children Jorgito and Samantha Soto. We have 2 dogs that are part of our family Covid and Sky. Personally, I like walking in nature, reading and meeting new people. I am part of the work team of S & G Builds, a company dedicated to remodeling and construction, my role at this moment is to take charge of the numbers (Bookkeeping) and thanks to the support of EGBI I am learning more about this activity.

What is your favorite part of what you do in your business?

My favorite part is that I’m learning something different.

What has been the most difficult moment for you in your profession?

A difficult part was at the beginning where there were not many clients and the income was not very stable.

How has EGBI helped you?

EGBI has helped me train and continue learning about how a business is structured in the United States.

Tell us a fun fact about yourself

Something fun about me is that people can like me.

If you had the opportunity, would you change anything about what you have achieved?

I wouldn’t change anything that I have experienced, because I believe that this is the process that I had to go through in order to get to where I am today.

If you could do it all over again, would you still join EGBI? Why yes or why not?

I would definitely join EGBI because they are a very complete organization that has everything necessary to support and train people who have decided to start a business.

What do you like about EGBI?

That everyone is very kind and willing to help.

Translated by Berenice Osorio Alvarez

Find the Spanish version here

EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to know more about EGBI’s business coaching, visit  https://egbi.org/coach/ Spanish-(https://egbi.org/es/coach-2/).

Meet an EGBI client- Hortencia Alvarez A.

I was born in an ejido in Coahuila Mexico, and when I came to the United States at a very young age, I went to public schools here in Austin. I have 4 adult children and 5 grandchildren which I am raising 3 of them aged 4, 3 and 7 months. So I started creating again. From a very young age, I saw the need for our people to understand another language or have someone translate for them. I say this because my own experience since I was a child was doing it for the people I knew. I translated conferences, documents, legal documents, and also made them, whether it was filling out immigration documents, appeals, income applications, and even lawsuits that people had and did not understand. After high school I took a paralegal course, and was working in different branches of law, family law, workers compensation, immigration and international oil companies in administration. The moment my older children entered college I decided to return to college and obtained my bachelor’s degree in business. I did this for almost 25 years. I am now a graduate of Concordia University. Throughout this journey my favorite job was being a Mary Kay consultant.Now that I am at home and raising my grandchildren (children) as they know me, I decided to open the doors to what I have always done, people administration and from there (ALVAREZ ALCANTAR CONSULTING FIRM), LLC has been born.

Tell me what inspired you to start your business?

What inspired me to initiate my business was the injustice many of the minorities face due to the lack of understanding policies, and procedures, or when the community is taken advantage of because of services they need, i.e. in translation, notary, or simply reading a document in their native language.

Why did you decide to join EGBI?

I decided to join EGBI because I believe in their cause of helping the community and having many networking outlets to get your business off the ground and be successful.

Did you encounter any obstacles along the way? If so, how did you overcome them?

Yes, I was my own obstacle, I do not know how to ask for help, despite the fact that I know I need it, I only know how to lend a hand. I overcame that by remembering what one of the directors of EGBI (also a friend), stated to me, “it’s great for you to help out others, however you’re going to drive a bus through your heart if you don’t do it for yourself” Larrisa Davila.

How does your business differ from others?

My business differs from others because I try to understand the clients needs and make certain I can deliver the service they are needing without adding more stress to their situation. I’m blunt and transparent, if I can help I will if I cannot I let them know.

Tell us a fun fact about yourself

A fun fact about myself is that I like to collect souvenir spoons from everyplace I visit, and also prefer actual photos other than digital. (those 2 fun facts)

Are you happy with what you have achieved?

Absolutely, I am very happy with what I have achieved.

How has EGBI helped you?

EGBI has helped me in my confidence and has opened many doors and windows to more opportunities in gaining more clients.

Translated by Berenice Osorio Alvarez

Find the Spanish version here

EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to know more about EGBI’s business coaching, visit  https://egbi.org/coach/ Spanish-(https://egbi.org/es/coach-2/).

Meet EGBI intern- Michael Arroyo 

Michael is a summer intern here at EGBI. He is also an  incoming sophomore. He was born here in Austin Texas. In school he is in a marching band and he wants to stay in it all throughout high school. Another thing about him is that he loves cats. 

Share a fun fact about yourself. 

A fun fact about me is that I’m left-handed and double jointed. 

What do you like doing in your free time? 

I enjoy playing video games from time to time and practicing my saxophone. 

How did you get involved with EGBI and why did you choose to be an intern here? 

I got involved with EGBI because I was chosen to work here. I chose to be an intern because it was different and so I decided to be here and see what it’s like and learn so I can use this knowledge for my future career. 

Do you think others should volunteer or support EGBI? And why? 

I think others should volunteer or support EGBI because this place has done many great things for other businesses. It has helped the community grow their business and help them succeed in life. 

How has being with EGBI helped you personally and/or professionally? 

It has helped me experience a different work environment. I have also learned how to communicate with people and improve my vocabulary in spanish. Another thing is organization has taught me how to organize my writing when I want to write either a blog about someone or explain something clearly. 

How would you describe your experience here in EGBI?

My experience here has been great. Everyone is so nice, the environment here is peaceful, and relaxing. 

Find Spanish version here.

Want to get involved? Contact us to find out how you can volunteer or donate.

Meet an EGBI Intern- Eileen Huang 

Eileen Wu is a rising junior in High School. At school she enjoys being a part of the Band as a clarinet player and section leader! In her free time, she likes riding her bike and drawing. She doesn’t really know what she wants to do in the future, but something to make an impact on people’s lives and be able to travel with her family and friends all over the world. 

What is a fun fact about you? 

My favorite foods are watermelon and tomato and egg noodles. I have a four year old cactus named Eve. 

How did you first get involved with EGBI? 

I didn’t know about the internship programs that assign students to EGBI, so I was looking for business related non profits and then just applied through EGBI’a website. 

Why do you intern for EGBI?

Because I am uncertain about what I want to do in the future, I decided experiencing the everyday activities of running a business at EGBI would help me figure out if this was really something I wanted to do. EGBI’s services and mission align with my own interests in business and supporting local businesses. I enjoy knowing that the work I do here could help aspiring business owners reach their dreams. 

How has your experience with EGBI helped you grow professionally and personally?

I haven’t really been at EGBI for that long, so I haven’t gathered many experiences, but I have been able to observe all the aspects of running a small business, and the resources available to help. Personally, I’ve met a lot of really cool people and learned about their journeys, which has really broadened up my perspective about my future. I hope I continue to contribute here and do what I can to help clients, as well as learn more everyday!

If you want to learn more about EGBI or be a part of our mission then contact us here

Translated by Berenice Osorio Alvarez

Find the Spanish version here