Corporate Identity Theft

Securing your Corporate Identity is vital to the success of your business.

Corporate Identity Theft is also known as Business or Commercial ID Theft.  Businesses are a prime target for identity thieves.  If a thief can collect sufficient information about a business, that businesses may experience extreme frustrations when targeted for ID Crimes, which may include:

• Credit Applications Denied
• Accumulated Debt from the Spending Sprees of Thieves
• Unexplained Bill Non-Payment History

One huge risk to businesses is the loss of their Corporate Identities.  This can be extremely detrimental to business and sometimes have appalling consequences.  What a thief CAN do to your business or corporation includes:

• Change Employees and Administration Names and Contacts
• Appoint New Administration or Directors
• Change the Registered Business Address
• Open Bank Accounts
• Ruin Credit Ratings

Administration and directors will not be noted of changes and detail changes often go undetected - until the damage has become a liability.

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Corporate Identity Theft Protection
Posing such an intense liability for businesses, there are steps every business must implement to safeguard their company against identity thieves.

According to the National Criminal Intelligence Service (NCIS), companies should work towards reducing their risk for Corporate Identity Theft.  Their recommendations include:

• Internet Domain Names
  Companies should own the permutations of their name online to avoid consumer confusion and trust issues.
• Email Systems
  Email should be secure and companies are encouraged to invest in Anti-Spyware and Data Security & Encryption Software.
  
  Businesses should be very careful about what information is being shared via email.
• Password Protection
  Employees should have secure passwords - that are not written anywhere!
• Information Discarding
  Shred all company documents before throwing away.

Through a CITRMS Professional, businesses will learn about:

• The Growth and Detection of Identity Theft
• How Business Information Is Illegally Obtained and Used
• Learning the Basics of ID Theft Prevention
• Red Flags and How They Work
• Information Security Requirements
• Consumer Privacy and the Fair Credit Reporting Act
• Governmental Policies and Procedures
• Fraud Involving Credit Cards and ATM/ Debit Cards

Corporate Identity Theft Prevention
Prevention methods should begin before you open your business.  However, most of us to not live-up to this ideal!  Luckily, there are key ways to detect, prevent, and mitigate identity theft by limiting the risk to your customers your business.

Our CITRMS Professionals will assist in developing a program right for your organization as well as recommending:

• Fraud Monitoring
  Use a monitoring system to receive alerts for future changes, etc.
• Business Account Numbers
  Memorize numbers and do not carry them on paper or electronically (email or on laptops).
• Passwords
  Use secure passwords for personal and business financial accounts.  Do not use easily obtainable information such as birthdates.
• Credit Reports
  Review Credit Reports from the 3 credit bureaus: Equifax, TransUnion and Experian.
• Computer Security
  Use firewall software, and download the latest operating system updates, to minimize the chances of an intrusion into your personal computer. Securing your computer is even more important if you have a high speed Internet connection.
• Answering Inquiries
  Inquiries may be delivered via websites, email/ email attachments, phone, credit applications and mail.  Do no give any personal information or business information through these unsecured methods.
• Financial Statements
  Monitor financial statements for activity and keep them in a secure location.
• Financial Receipts
  Never discard sensitive information in public places.  It is best to shred it first.
• Billing Address
  Watch your statements and the dates you expect them to arrive for unauthorized changes.

Corporate Identity Theft Victim
When businesses fall victim to Corporate Identity Theft, we can help.

File a Complaint with the Federal Trade Commission (FTC)

• Internet: www.ftc.gov/bcp/edu/microsites/idtheft
• Telephone: 1-877-IDTHEFT (1-877-438-4338)
• TTY: 1-866-653-4261
• Mail: Consumer Response Center, FTC, 600 Pennsylvania Avenue, N.W., Washington, DC 20580.

Contact Check Verification Companies
Report incidences as soon as possible by contacting:

• CheckRite - (800) 766-2748
• ChexSystems - (800) 428-9623
• CrossCheck - (800) 552-1900
• Equifax - (800) 437-5120
• National Processing Co. (NPC) - (800) 526-5380
• SCAN - (800) 262-7771
• TeleCheck - (800) 710-9898

Notify Financial Institutions
Contact banks and creditors to report any incidences. Follow by requesting a flag on your accounts for security notifications.

Close/Secure Compromised Accounts
Any accounts that have been tampered with should be changed or terminated.  Passcodes should be changed immediately.

Contact a CITRMS Professional today to protect your business from Corporate Identity Theft.