What is Corporate Identity Theft
Corporate Identity Theft happens when criminals assume the identities of business owners, directors, and officers to fraudulently obtain cash, lines of credit, loans, business credit cards with limits up to $150,000, leaving the victimized business with the debts.
(https://www.wolterskluwer.com/en/expert-insights/protecting-against-business-identity-theft)
Businesses may also incur legal consequences, such as defending their patents, copyrights, trademarks, or other intellectual property in court in addition to criminal prosecution of the fraudster.
Identity theft is a serious problem for companies according to the IRS with small businesses especially vulnerable.
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Business identity thieves will use key business identifiers and credentials — such as officers’ names and other personal information or your federal tax employer identification number — in order to manipulate or falsify state business filings and impersonate the business in other ways. State laws require the public disclosure of proprietary business information. This might include annual reports, management and personnel information (including names and addresses), employee identification numbers (EINs), and sales tax and business numbers. This information and more can also be purchased legally through the internet. Often, an application for a line of credit is approved based on public and recycled information found on the web.
Today, criminals are using more sophisticated ways to impersonate and defraud businesses.
The responsibility of not becoming a victim is the sole-responsibility of the (1) business owner(s). (2) directors, and (3) officers.
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Director & Officer Appointment Fraud
Corporate Charter Fraud Prevention
Business identity theft can be more complex than individual identity theft.
Financial identity theft is the most common type of identity theft, led specifically by credit card fraud, unauthorized bank account access, and loan fraud.
While personal identity theft is widely recognized and has a long history, business identity theft can also be very costly to victims, and the threat should be taken seriously. These thefts often go unnoticed until significant damage is already done, which can take a lot of time to repair. obtaining temporary office space, and ordering merchandise or services. To prevent such identity theft,
Being able to demonstrate an active effort to resolve the situation, and working with police, will help as you explain to lenders that you’ve been victimized, and will help prevent you from being held responsible for the unauthorized purchases.
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