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Business identity theft, also known as corporate or commercial identity theft, involves the illegal impersonation of a business (or a business’s employee) for criminal gain1. It’s typically larger-scale and can affect employees and clients alike1. It can happen to any business, regardless of its size or legal entity1.
Here’s what you need to know about business identity theft:
What it is: Business identity theft involves the illegal impersonation of a business for criminal gain1. It’s not an information security breach, employee theft, or consumer theft1.
Why it happens: Business identity theft occurs for the thief’s financial gain1. Businesses operate on much larger scales than individual consumers do, which makes businesses especially vulnerable to theft1.
How to protect yourself: Although there’s nothing you can do to prepare for business identity theft, there are steps you can take to mitigate the fallout once your business identity is threatened1. This includes securing sensitive information, monitoring financial transactions, training employees, being vigilant, securing your online presence, properly disposing of sensitive documents, verifying vendors, and limiting access to sensitive information1.
What to do if you’re a victim: If your business’s identity has been stolen, it’s important to act quickly1. Notify law enforcement, creditors, vendors, customers, employees, etc., document everything related to the incident, and seek legal help1. The Federal Trade Commission (FTC) also provides resources on how to stop and recover from identity theft1.
Red Flags Rule: The Red Flags Rule regulation requires companies exposed to identity theft risks and fraud to implement an identity theft prevention program that includes employee training2.
Remember, prevention is the best defense against identity theft1. It’s also important to regularly update and refresh these measures to ensure they remain effective as new threats and challenges emerge.
No one can prevent all business identity theft or monitor all transactions effectively. Biz-Trac service product is constructed to mitigate and prevent business identity theft.
Further, any testimonials on this website reflect experiences that are personal to those particular business entity and/or users, and may not necessarily be representative of all entity or users of our products and/or services.
We do not claim, and you should not assume, that all business entity or users will have the same experiences. individual business results may vary.
The Business Identity Theft Insurance is underwritten and administered by American Business Life Insurance Company of Florida, an Assurant company. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits.
** Free trial offer can only be redeemed once per customer. Full access to plan features depends on identity verification and credit eligibility.
*Important subscription, pricing, and offer details:
No one can prevent all cybercrime or prevent all business identity theft.
Biz-Trac® is a cross platform identity theft business solution for all companies located in the United States and Canada.
National provider of proactive Business Identity Theft Protection Services. Call Now Toll Free: 855.417.1700