Business ID Theft (Part 1): SMBs Have Identities Too

Business Identity Theft 101 

Identity theft comes in all shapes and sizes. Despite the effort we put into protecting our financial accounts, Social Security numbers and online login credentials, we’ve seen identity crimes continue to grow.

We know it’s important to protect our personal identities. But when was the last time you thought about protecting your small business’ identity?

Like people, businesses can also fall victim to identity theft. Criminals take on a business’ identity to target its funds, file fraudulent tax returns, take out loans, apply for lines of credit and accumulate debt under the company’s name. Continue reading

Synthetic IDs: Great For Fraudsters, Bad For Victims

Identity theft… without your full identity 

It’s called synthetic identity theft. Whether by a phishing scam, data breach, hack or physical theft, your information becomes compromised and falls into the wrong hands. Criminals use this stolen information to mix and match names, birthdays, Social Security numbers and addresses with other fabricated information to create synthetic IDs. Once the synthetic identity is made, criminals can make fraudulent charges to your bank account, open new lines of credit, order prescriptions and even commit crimes under your name. 

In 2014, the Federal Trade Commission (FTC) called synthetic identity theft “the fastest growing type of identity fraud in the United States.” Unlike “true name” identity theft, fraudsters only need to use certain pieces of your information — paired with the criminal’s own or fabricated information — to create a new, “synthetic” identity.

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What Happens To Your Information After a Data Breach?

Data breaches have become all-too-common amongst retailers, businesses, educational institutions and health care facilities. Last year, 1,093 data breaches led to over 36 million compromised records in the United States, leaving millions of Americans’ personal information exposed. 

The best way you can protect your information from compromise is by taking proactive measures to safeguard it, especially after a data breach. Follow us as we break down what can happen to your information after a data breach, what the law says about notifying you of breached data and how to secure information that has already been compromised.  Continue reading