Business Identity Theft – Three Keys to Protection

Envision discovering you are the co-owner of your business rather than the sole owner, or you have a satellite television business you didn’t know about operating in an unique state, or there is a business with a similar name by using a similar address to yours failing to be your business. How would any one of these scenarios impact your business? This is just what business identity theft seems like. This can happen to any business large or small. It might happen to your own, too. fusionex

Most small to mid-sized businesses miss what identity theft can do to their business until it finally is too late.

Business identity robbery doesn’t target individuals, instead, criminals look for ways they can take valuable information fro legitimate businesses. They are looking for checking accounts, credit card figures and passwords, and very sensitive intellectual information. 

These looters gain access to key accounts and drain them, many times, before the bank knows the take action. The cost of business identity theft can be enormous. It could take numerous hours and a huge amount of money to repair the damage. Some businesses never recover and go away of business.

Business identification theft is a relatively new type of criminal offense. Most business owners don’t have heard of it. Therefore there is an enticement to ignore it. Sam Cox of the Better Business Bureau says, “Business identity theft is definitely a real concern in today’s market place. From a criminal’s point of view, it’s significantly more cost effective of stealing business personal than consumer identities.:

The criminals move quickly. That they know they have only a short time frame before the act is discovered. The Ponemon Institute says that 84 percent of the cases money was thieved ahead of the fraud was diagnosed by the bank.

A large number of small business owners don’t believe they have much that a thief can take from them. But you that you don’t have to have more than a good name. The robbers can make use of it to get loans, order products and ruin the firms good name. Dun and Bradstreet’s Senior Risk Analyst Robert Strezze states, “What is particularly disturbing about this trend is the significant dollar amount involved. Really not unusual for the losses to take the mid-six figures when the criminal activity has recently been detected. ”

The unlucky truth is that most businesses don’t take the time or procedure for safeguard against the offense. Nearly all are too busy doing the daily activities to keep the business heading. It isn’t until the damage is done that a business realizes the trap it fell into.

What are the secrets to business identity robbery prevention?

There’s good media for your business who are willing to put some effort and time into business identity theft prevention. Various times preventative measures can mean big savings and an improved image in the community. You will discover three secrets where a business can lessen the likelihood that identity theft will happen:

The first key is to establish a situation on the leadership team that is in charge of monitoring for people who do buiness identity fraud, establishing procedures for data breach prevention, and protect against other criminal activity. This officer could be called the Chief Fl security officer, for example, and should have the capacity to check bank, credit card and other key accounts. The expert would be a good idea to build “best practices” for facts security including employee training, password protection and more.

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