Everyone talks about personal identity theft but rarely do you hear about business identity theft. Business identity theft is on the rise especially among small businesses!
Business identity theft is when criminals steal the company’s identity/business information and open corporate accounts without the authorization of the business. These thieves typically open business accounts such as credit cards, gas credit cards, office equipment, and electronics. They’ll run up the credit cards and sell the office equipment and electronics on the black market. By the time the company finds out, these thrives are long gone. Some businesses go years without noticing!
Thieves have found small businesses to be a much easier target for identity theft because small businesses rarely (if ever) check their business credit reports AND business credit reports is public information and businesses are approved for much higher credit limits than personal credit.
In addition, businesses also become a higher risk of identity theft due to faulty employees stealing the company’s information and opening accounts or employers forgetting to confiscate or close former employees corporate cards.