Business theft is a new kind of crime taking place in the corporate scene. Business identity theft is said to have taken place when a business's identity is used to carry out business and set up lines of credit with banks and vendors.
Businesses have done all they can to prevent business identity theft. Some of the best measures include;-
- Continually check on the information regarding a business on the website
- A company’s documents need be safely stored in secure locations. Privacy is key for any organization
- Proper and secure ways of disposing waste materials ought to sort
- Proper documentation procedures on carrying out transaction need be in place. With bigger and more involving transactions, more procedures are needed to ensure everything goes as planned
- In addition, before any Credit authorization procedures are carried out, investigation to verify their credibility is needed
- Also, paying of invoices and debts need be done only after carefully verifying invoice serial numbers to check they match
These are just a few of what should be done. Much more is needed to enhance the security of an organization.
Identity theft is a collective term that is used to refer to a number of crimes. Perhaps it would be better if I broke them down so that you get to understand what each entails.
Types of identity theft:
- Account fraud
This form of theft occurs when a person tries to make purchases using another’s social security number. In fact, the most affected cases majorly use credit cards to perfect their art.
- Business identity theft
This is the type of theft focus in this article. It entails impersonating a business and using its name to bill and even make purchases. This can get very expensive especially when criminals lead a business into unknown debts.
Business identity theft is very treacherous and ruins a business’s image. It also makes conducting business with other organizations very complicated. To get back on track, and resume normal operations after business theft, a company has to invest heavily in straightening out relations with other organizations.
Fraudsters often source for employees’ identification numbers and other key business credentials. Therefore, employees ought to be made fully aware of the looming danger and possible consequences of such acts.
All this narrows down to one thing, a company ought to invest in the best security practices to prevent possibilities o business theft. Remember it is said its better be safe than sorry.