Ways of Preventing Business Identity Theft
You have registered your business and you have been doing your best for it to be successful. Your business is thriving. You just discovered that there is a business operating under your name and address offering the same services or products as your business.
This is called identity theft that is a huge risk to your business. It could lead you to endless visits to courts; it could damage your credit score and could lead to business failure. You need to protect the business against identity theft.
What do Criminals Look for in a Business?
Although they are after money, business identity thefts will not only focus on draining your bank accounts, but they are also looking for sensitive information and passwords. Whether it is sending encrypted information, locking documents or changing passwords often, security measures should not be overlooked.
Perhaps you are wondering what they use your business information for! They can sell it to other criminals or even use the information themselves. They can use it to acquire loans which they do not plan on repaying. They can order products or pay for services using the credit cards and to top it all, damage your reputation.
- Enhance the Security of Your Filing System
Filing bank statements and credit card records among other vital information is a huge risk. If anyone with ill intentions has access to the documents, it could lead to identity theft. You can lock these documents in filing cabinets, vaults or safes.
- Appoint an Expert in Security Issues
Appointing security personnel can also help to prevent identity theft. They should be able to suggest and implement security measures that will protect passwords and criminal activities in general. They should also be able to train employees on how to protect the business and personal identity theft.
- Embrace Encryption
Encryption boosts security in your business. When storing or transmitting important data such as when clients have sent their credit card details, ensure that it is encrypted. When this is done, it will be impossible for identity thieves to use the information.
- Consider Setting up Monitoring Services
This can actually prevent a lot of criminal activities. It’s a move that will help in internet surveillance, in business credit monitoring and identity theft alerts. This will stop any intended criminal activity and in turn save your business lots of money.
Whether you are operating a small or a big business, you need to protect it against identity theft. There is always something that fraudsters can steal from you. Take the necessary security measures to protect your business as it could cost you hundreds of dollars to rectify the damage. Invest in identity protection and you will be able to foretell a theft. Credential monitoring should also be considered.