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Business identity theft can take many forms; what's common is that business information is stolen and used to initiate unauthorized activities that appear to be in the name of your business. It is quite similar in concept to personal identity theft (IDT), except that the fraud occurs at a corporate level rather than at a personal level. This week's articles provide information to help you lessen the likelihood that your organization will become a victim of IDT.

The "bust-out" is just one of the schemes fraudsters use to steal your business identity, a crime that has gone largely unnoticed in a legal system focused on consumer ID theft. (Item #1) When any person with a relationship to a business becomes a victim of identity theft, the business is potentially at risk. (Item #2)
What steps should you take and whom should you contact if personal information you hold is compromised? (Item #3)

These statistics show that it should be a priority for business owners and executives to heighten their awareness of identity theft. (Item #4) What can businesses do to prevent identity theft? (Item #5) If you or your employees become victims of identity theft, this fact sheet on the emotional impact of IDT may be helpful. (Item #6)

As always, we look forward to hearing about your concerns with regards to business continuity. If you have a topic you'd like to see covered, please email me at [email protected]

Best Regards,

Bob Mellinger
President
Attainium Corp

Quote of the Week

"Cleaning up after identity theft is a marathon, not a sprint. Prepare your mind accordingly."
- Frank Mellott -

Articles

1. Identity Theft: The 'Business Bust-Out'
The so-called "business bust-out" scam is one way sophisticated criminals steal business identities across the country. Identity thieves increasingly target businesses instead of individuals, experts and law enforcement officials say, but federal law and many state statutes don't consider business identity theft a crime. That's because the raft of identity theft laws passed in the last decade apply mostly to individual consumers-not business entities.
http://www.businessweek.com/smallbiz/content/jul2007/sb20070723_261131.htm?chan=smallbiz_smallbiz+index+page_top+stories

2. Identity theft: The business time bomb
Over half of the 10 million new IDTs each year originate from a place of business, employer, or other entity (not-for-profit or local, state, or federal government). All entities and certain individuals are required under one or more federal and state laws to implement measures, policies, procedures, and employee training on privacy and security of nonpublic personal information to bring IDT under control. Violations of these laws carry substantial penalties and open entities to legal risks.
http://wistechnology.com/articles/3332/

3. Information Compromise and the Risk of Identity Theft: Guidance for Your Business
These days, it is almost impossible to be in business and not collect or hold personally identifying information - names and addresses, Social Security numbers, credit card numbers, or other account numbers - about your customers, employees, members, business partners, students, or patients. If this information falls into the wrong hands, it could put these individuals at risk for identity theft. The following guidance from the Federal Trade Commission (FTC), the nation's consumer protection agency, can help you make smart, sound decisions about what to do if information is compromised.
http://www.ftc.gov/bcp/edu/pubs/business/idtheft/bus59.shtm

4. Workplace facts and statistics
Identity theft affects both the consumer and the business community in a multitude of ways. The impact of this crime clearly touches business at all levels and from many directions. Included here are some of the statistics that demonstrate areas of concern for members of the business community.
http://www.idtheftmostwanted.org/workplace_facts.html

5. 10 Ways to Prevent Identity Theft
From shoulder surfing (where an identity thief looks over your shoulder to see your PIN number) and stealing credit card numbers from the mail, dumpsters or handbags, criminals are developing ever more sophisticated identity theft techniques, such as hacking into databases and phishing (sending bogus email from a company that appears legitimate in the hopes of collecting your personal information). How can you protect your organization?
http://sbinfocanada.about.com/od/insurancelegalissues/a/identitytheft.htm

6. Identity theft - overcoming the emotional impact
Identity theft is a complex problem. Therefore, it is not surprising that some victims react as survivors of prolonged, repeated trauma, much like battered women or prisoners of war. In fact, victims may compare the crime to rape or torture. Some feel like they are experiencing a form of a stress disorder.
http://www.idtheftmostwanted.org/artman2/publish/v_fact_sheets/ Fact_Sheet_108_Overcoming_The_Emotional_Impact.shtml