What is business identity theft?

Business (or corporate) identity theft is a type of fraud that involves a criminal stealing a company’s identity and using it to buy goods and services by establishing lines of credit with banks or retailers.

Organisations are often targeted because:

  • They have bigger account balances
  • They have higher credit limits
  • Making large payments regularly isn’t suspicious
  • Information is often freely available on their website or on the internet

How to protect yourself:

  1. Protect company information
    Don’t share anything about your business online or publicly that could put your organisation at risk. Write a policy for your staff that includes guidance around social media use. Educate your employees about business identity theft so that they know what to look out for, how to help avoid identity theft, how to spot it and how to report it to minimise the impact.
  2. Regularly review accounts
    Regularly review all account statements, credit reports, and business registration information.
  3. Install security or anti-fraud software
    Invest in software that can assess risks and help identify fraud or suspicious activity.

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