Identity theft does not solely effect individuals with stolen personal information. Business identity theft can be detrimental to your small business.
Identity theft is a big deal. It’s scary to think of your bank account or credit cards being stolen by a stranger, sometimes without you even realizing it. And unfortunately, the problem is getting worse, with losses related to identity theft increasing significantly in 2020.
To make matters worse, it isn’t just individuals that can be targeted, but business identity theft is a growing concern, as well.
The first step in combating this threat is to learn about it. Keep reading for some basic information, as well as some solutions!
What Is Business Identity Theft?
Identity theft, in general, is when someone’s personal information is used against their will to gain some financial benefit.
Once personal details like addresses, social security numbers, and passwords are stolen, it may be possible for a criminal to take out credit or just charge purchases directly to the victim’s card. They could even steal your tax information or open utility accounts in your name.
In the same way, a business also has assets, a line of credit, revenue, and so forth. So, business identity theft is simply when the victim is a business entity instead of an individual. It’s easy enough to understand, though is often overlooked as a concern.
What are some warning signs that your business is the victim of identity theft?
- Getting unknown phone calls that ask for verification of business details
- Getting unusual orders (from unknown clients, for unusual sizes, etc.)
- Receiving invoices for items you didn’t purchase for the business
- Irregularities in accounting
If you notice any of these signs or any other strange occurrences you can’t explain, they are signs that your business’s identity may have been stolen.
Preventing Identity Theft
Hopefully, you are reading this before you see any of the above warning signs. There are some basic business (and personal) practices you can use to lessen your chances of someone stealing your identity.
You should be careful with your social security number. You should use strong passwords and not share them with anyone. You should shred sensitive documents. You should be hesitant to accept calls or reply to strange emails. Certainly, you should never click on any strange links.
These are a good start, but when dealing with your small business, there are some even better steps to take to protect it.
We offer digital protection for every aspect of your business, from authenticating inbound communications to payment processing. You can verify the person’s (or business’s) identity in seconds, giving you peace of mind about the sale.
Our technology can even allow you to process sales without a client’s personal information is shared. This gives both your business and your clients assurance everything is above board.
Try It Out
Starting and running a business is hard enough without having to always worry about business identity theft. Let us know if you have any questions about our security services.
If you are ready to take your business’s digital security to the next level, please contact us and request a demo!