Identity theft is growing. In 2008, there were 9.9 million cases of reported identity theft, an increase of 22 percent. In spite of the growing number, identity theft victims reacted sooner and lessened the damage. The overall fraud amount went up just 7 percent over 2007, to $48 billion.
Identity theft is about protection and prevention. But certain types of identity theft cannot be prevented. A thief could get a hold of your personal information by illegally accessing a computer, for example. So even if you're prudent about guarding your information, monitor your financial accounts regularly to protect your small business. Business identity theft and fraud losses cost American companies billions each year. Both can negatively impact cash flow, cause problems with creditors and suppliers and even affect your business's reputation.
The first step in business identity theft protection is to regularly check your company's credit report for unusual activity that might indicate identity fraud. Enroll in a monitoring service of your company's credit report so you can regularly inspect it for atypical activity that might be a sign of fraud. Experian has an identity theft protection service called Business Credit AdvantageSM which offers unlimited access to your credit report for a one year. It monitors your profile every day and emails you warnings of any changes to your business credit report or score.
Place a fraud alert with Experian and with the other credit bureaus.
To put a fraud alert on your Experian business credit report send Experian Commercial Relations a letter on your company letterhead asking that a fraud alert be placed. Include the signature and contact information of the company's business owner. We will attach a message to your business credit report asking that the business be advised prior to any lending giving credit.
Learn more about Experian's business credit monitoring service or get started immediately by searching below for your business.