We all know about the risk of identity thieves stealing your personal information, but what about business information? According to an article by MarketWatch (free login required) today, business identity theft complaints are on the rise:
If you have your own business and you think it’s a victim of
identity theft, good luck. Many consumer protections, available to
credit-card identity-theft victims, don’t apply to businesses. Nor,
experts say, do local police typically investigate business identity
theft. You may not always get help from a credit issuer either.
Business records can easily be accessed by thieves through Dun & Bradstreet databases and government offices. Armed with this data, thieves can open new business accounts, apply for business loans, process credit card transactions and basically make life for the "real" business owner pretty miserable.
What can business owners do to guard against identity theft? Here are some tips:
- Routinely check your company records with Dun & Bradstreet and Equifax.
- Review business credit card and loan statements carefully for signs of fraud.
- Regularly Google your company’s name to see if there is any unusual or inaccurate information posted online.
- Check your own credit reports every 3 months. Suspicious business activity could appear on your personal credit files.
- Keep a close eye on your business mail. Strange bills or missing letters could be a sign of fraud.
- Encrypt sensitive data stored on business computers and servers.
- Shred business records and bills before throwing them away.
- Understand how targeted "spear phishing" could impact your business.
- Implement a data security and privacy policy for your company and employees.
Although business identity theft is fairly unusual, it can be very difficult to resolve and devastating to small business owners. Take some steps to prevent your business from becoming a victim of identity theft today.
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