Identity theft is on the rise, according to recent reports. As reported by Javelin Strategy, identity theft resulted in an annual loss of $56 million in a mixture of different criminal and fraudulent activities last year.
Maintaining the security of a business database can pose numerous challenges. Here’s what you need to know to prevent your company from becoming the next victim of business identity theft.
Common Types of Business Identity Thefts
Here are some examples that may help you identify whether your business data has been attacked:
1. Fake Accounts
Many people and bots have impersonated government officials, celebrities, and organizations. As a result, these fake profiles disrupt the traffic meant for your real profiles. Using these profiles, they can then post inaccurate or malicious content and even hack into your database and release sensitive information.
Phishing is the process of someone pretending to be you using email services to steal your identity. Therefore, they may mislead your current and potential clients, ask for sensitive information or engage in other unethical or criminal conduct.
3. Fake Invoices
There may also be a data theft attempt on your business identity if your customers report receiving unidentified or fake invoices. It may be enough to attempt this type of theft to know the contact information of your customers.
4. Website Mimicry
It’s possible that someone has created a duplicate website with your brand identity if your web analytics report shows high search results but you don’t get the same number of site visits as your own.
5. Logo Theft
Theft of a logo occurs when a brand or individual copies your logo, makes minor changes, and uses it to represent themselves. As a result, you may need to pay a ransom to the thieving party to get them to remove their logo.
What To Do If You Fall Victim to Business Identity Theft?
If you fear you have been the victim of business identity theft, here are some tips to help you stay protected until you’ve taken legal action:
- Inform anyone who may be impacted by the theft. This includes all of your internal and external stakeholders, such as employees, executives, customers, investors, advertisers, etc.
- Perform a security check. The IT department should be able to thoroughly examine the source of the theft and any possible data flow leaks that caused the incident. If you are concerned about something more serious, you might hire a third party to perform an analysis.
Where to Report Business Identity Theft?
After you have taken care of preliminary protection against the theft, you should notify an official so they can begin legal proceedings. In this case, you should contact the Internal Revenue Service. Other entities involved with your business should also be notified. The IRS has a helpline for businesses that makes it easier to report identity theft and receive updates.
How To Help Protect Your Business from Identity Theft?
The following measures can help prevent business identity theft:
1. Security Updates
Advanced security systems such as fake profile detention, spam email detection, unauthorized personnel detection, and others are available.
2. Update Your Data Regularly
Keeping your data updated and backed up regularly can make it more difficult for hackers and thieves to access your databases.
3. Personal Identity Protection
It’s essential to protect both your personal and business identities in a world that emphasizes brand image. Investing in identity theft protection will help protect your personal data.
Is your personal information on the dark web? Make sure your identity isn’t at risk!