Business Identity Theft
June 6, 2018 - We hope you don't think that your business won't become the victim of identity theft. Because, according to all the experts, business ID theft is becoming more and more common as hackers try to outdo each other. While you can never be completely prepared for an identity theft attack, there are many things you can do to protect your business. Check out these articles for some things to consider.
As a business owner, officer, director, or key executive, you have significantly increased risks over an average consumer because your personal information, credit, and finances are so closely intertwined with your business. If you are a small business owner, you and your business identity may be virtually one and the same - and anything that impacts your business directly impacts you.
The IRS recently issued a warning to employers and small businesses to beware of growing attempts by cybercriminals to target businesses to obtain the business's and employees' information. These criminals then use the stolen information to open credit card accounts and file fraudulent tax returns for "bogus refunds."
For the self-employed and owners of small businesses, whose time and energies are devoted to growing the company, data security often falls in priority. It shouldn't. Protecting your business and your clients' financial data is critical to averting the kind of disaster that could tank your business dreams.
An estimated nine million Americans have their identities stolen each year. Identity thieves may drain accounts, damage credit, and even put medical treatment at risk. The cost to business --- left with unpaid bills racked up by scam artists --- can be staggering, too. The Red Flags Rule requires many businesses and organizations to implement a written identity theft prevention program designed to detect the "red flags" of identity theft in their day-to-day operations, take steps to prevent the crime, and mitigate its damage.
Some of the largest social media sites such as Facebook, Twitter and LinkedIn already have experienced data-breach events. And now online perpetrators are using social media to create more opportunities than ever to steal identities and commit fraud. Positive opportunities created by social media include the ability to increase business and consumer connections along with increasing your brand. Some of the negative risks include the creation of permanent records and reputational damage to your brand in the event of a data-breach event.
Did you know that when your employee's personal identity is stolen, it can actually have major repercussions to your company's bottom line? Did you know your C-Suite is at a higher risk for cyber crime due to their access to proprietary information, which can lead to corporate identity theft?
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