Over the past few years, there has been a steady increase in the reported instances of commercial identity theft and fraud. Owners and operators, this is the signal to start developing a plan to safeguard your company. Identity theft can cost your organisation a lot of time and money, as well as severely hurt corporate credit ratings.
You can take a number of easy and inexpensive actions to safeguard your company.
1. Strong internal security measures: Since most information breaches begin on the inside, it's critical to limit employee access to financial documents and sensitive data. Make sure your staff has received training on how to recognize spam emails and phishing emails. Mandate that only company-approved gadgets be used by employees. Keeping an eye on internal processes can help keep you safe from thieves and hackers looking to steal company data.
2. Protect your data, both online and offline. Ask your internet service provider what steps they take to protect your data when you speak to them. Invest in reliable ad blockers, antivirus, and firewall software for the internet. Make shredding critical documents a normal procedure, or store them securely in a filing cabinet.
3. Employer identification number (EIN) use is recommended above utilising your social security number for business purposes, even if you are a solo proprietor.
4. Speak with your suppliers: If you've given critical information on credit applications, get in touch with each supplier to find out what security measures they have in place to secure your company's and your customers' data.
5. Watch your accounts: Keep an eye on your company's bank statements, credit card statements, and business credit reports. The first indications of fraud frequently appear on credit records. You can be a victim of identity theft if you notice a new account has been opened or late payments are appearing on a revolving account you haven't used in months.
Take prompt action if you spot fraudulent activity to safeguard the financial health and reputation of your business. To stay one step ahead of possible criminals, set up credit alerts on your personal and corporate credit reports.
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