Is your Organization’s EIN a target for criminals?

An Employer Identification Number (EIN) is a unique identifier for businesses, similar to a Social Security Number for individuals. It’s crucial to keep your EIN safe as it can be a target for identity thieves. Here are some steps to protect your EIN from business identity theft:

1. Monitor Your Business Credit Report: Regularly check your company’s credit report with Dun & Bradstreet or Experian for unusual activity that might indicate identity fraud.

2. Enroll in a Monitoring Service: Enroll in a monitoring service of your company’s credit report so you can regularly inspect it for atypical activity that might be a sign of fraud.

3. Safeguard Your Systems and Data: Implement strong data security practices and train employees on data protection

4. Keep a Low Profile: Avoid sharing anything about your business, online or in public, that could put the company at risk.

5. Stay Vigilant: Regularly monitor your financial statements, social media accounts,  credit reports, Secretary of State filled information and other business records for any signs of changes, manipulation, or suspicious activity. Biz-Trac by Capital Oversight will monitor such activity and alert you immediately.  

6. Invest in Security: Invest in security systems and software to protect your business’s digital assets.

7. Respond Immediately to IRS Notices: If you believe someone fraudulently used your EIN, notify the IRS immediately using the contact information on the notice or letter.

8. File a Police Report: If your business becomes a victim of identity theft, file a police report with the local police department.

9. Review and Reconcile Account Statements: Carefully review and reconcile account statements as soon as they are received. Create and review intrim statements if possible.