What Is Business Identity Theft?
An under-reported threat to small businesses is the theft of the business identity itself. Similar to consumer identity theft, business identity theft occurs when a business’s identity is impersonated. Just like the personal identity theft, it is made possible when a thief, through various means, gains access to the unique business identifiable information that can then be used to create a “synthetic business identity,”. A thief can steal a business’s identity by gaining access to the business’s identifiers and credentials and then using that information to make transactions in the name of the business.
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The temptation for thieves is obvious – business purchases generally involve higher dollar amounts; therefore, more expensive purchases are less likely to raise red flags. Businesses also generally have higher credit limits affording thieves a better opportunity to enrich themselves. Small businesses also tend to have minimal security in place to prevent identity theft.