Identity theft happens at an individual level, but it has also been happening at a company level. When identity theft occurs, it affects the whole business – employees, employers and customers. In this article, we’ll examine how you can protect your business.
How Does Identity Theft Happen?
The first step to protecting your business against identity theft is understanding exactly what business identity theft looks like.
It can involve:
- pretending to be someone in the business and then misusing their identity
- hacking and taking money from business bank accounts
- accessing confidential business files and using them malevolently
- using the business’s line of credit for their own purposes
If not identified in time, businesses can be severely affected. Their credit rating and reputation can be destroyed, their partnerships can be lost, and their business can fail.
Prevention
Now that you have a better understanding of what business identity theft looks like, we can explore some ways to prevent it.
Review Your Banking
Frequent reviews of your bank accounts will quickly alert you to any goings-on that aren’t quite right, and they will also limit any potential losses that could come from fraud. Checking daily will make you aware of who is accessing which funds and why. This information will keep you informed about your business.
Online banking makes this easier than ever, and coupled with the fact that banks now send warning texts and emails if they suspect suspicious behaviour is ongoing – reviewing your banking will be simple and efficient.
Secure Your Data
For hackers to successfully steal a business’ identity, they need to be able to somehow access your data. They may do so by guessing your password, hacking through your security gates or by accessing data you thought you had gotten rid of.
How?
Do not keep accessible paper copies of important data. If you do, use paper shredders to ensure they are correctly disposed of once they are no longer needed.
For many businesses, data is stored on electronics, mostly on computers and laptops. When these reach the end of their useful life, they are considered electronic waste and are disposed of, often through recycling.
As a business, it is essential to secure your data before disposal, otherwise hackers may access it. Clean the electronics and then agree upon data destruction services with a reputable company to ensure your data will be completely erased.
After all, your identity cannot be stolen if the hacker has no way in.
Contact Us
Identity theft is a very serious issue that has been affecting many businesses lately. Perth E-Waste understands the effect that identity theft can have on a business, which is why we also offer data destruction services should you need them.
If you have any questions about e-waste, feel free to contact us at (08) 9314 7111 or online.