Is Business Identity Theft the Newest Threat to Small Business?

Do you think?you and your company’s identity are safe?

Are you one of those of people who think that would never happen to me?

Well the fact is over 10 million people each and every year are victims of identity theft and the numbers continue to grow at a rapid rate.

It’s hard to imagine that one out of every 20 people is at risk of being a victim this year alone.

But what’s even more alarming is consumers?are no longer the only ones being targeted by these criminals. Now small business owners like you and I have a new kind of threat to be concerned about known as business identity theft.

It’s the newest threat to small businesses all across America and can cause a whirlwind of devastation to a victim’s company.??

Imagine if?a criminal seized your company’s identity, used it to acquire credit in?your company’s name,?and then went on a spending spree buying electronics, office equipment, gift cards, and any other items that can be sold for cash.

What type of damage would this have on your business?

Here are five tips that can help you prevent and detect business identify theft:

Develop a prevention plan –Design a step-by-step plan to protect your company’s identity at the same time putting in place an action plan in the event that you do become a victim. Protect company records – Keep all your company documents and records in a safe and secure place. Get rid of any unnecessary information by using a micro cut shredder for the highest level of security. Also, never provide your company’s federal tax identification number, financials, or bank statements to anyone unless you have made the initial contact. Keep your company safe on the web – One of the sure fire ways to put your business at risk is by using sensitive information like an employer identification number (EIN), account numbers, financial documents, or personal information via email or the web. If you must provide this information for a specific reason like applying for credit then make sure the site is secure and its security certificate is up to date. Monitor your business credit report – One of the fastest ways to detect a possible identity theft is to monitor your company’s profiles with DNB, Business Equifax, and Business Experian. You can accomplish this by subscribing to their business monitoring services which give you access to your files 24/7. Avoid the “master” user – You should avoid creating any type of “master” user account and password where an employee or individual can gain access to all your company information. Taking the following precautions can dramatically improve your chances of avoiding business identity theft. If you believe your business is a victim you should contact your local law enforcement agency, the business credit bureaus, as well as your company’s credit and bank providers to report the theft. Also, initiate a business credit repair plan so you can get your company back on track.

As a business owner you should always remain vigilant in protecting your company’s identity. You’ve worked hard to build your business to where it is today and you should work equally as hard in protecting it.

What other ways do you protect your business identity?

Marco is founder of the Business Credit Insiders Circle, a step-by-step business credit building system. You may contact Marco directly at: marco@businesscreditblogger.com Follow Marco on Twitter @MarcoCarbajo and read more of his insights on building business credit.?

View the original article here