Business Identity Theft: Defined
Business (or corporate) identity theft is a type of fraud that involves a criminal stealing a company’s identity and using it to purchase goods and services by establishing lines of credit with banks or retailers.
Organizations are often targeted because:
- They have larger account balances
- Companies have higher credit limits
- Making large payments regularly isn’t suspicious
- Fraud goes unnoticed or caught late because of no oversight.
- Information is often readily available on the internet