Corporate Identity Theft

Large corporations and small businesses are targeted by corporate identity theft in the same manner an individual is. A Business will sometimes will not find out that they are an identity theft victim until they apply for loans, grants, or credit, and discover they have poor credit. While the perception from some is that individuals are the only victims, corporate identity theft is becoming more prevalent. Credit profiles being stolen from companies by thieves is a very common type of corporate identity theft. Thieves can use these credit profiles to obtain credit for another company that may or may not exist, or simply use the company’s name to make charges.

A credit history is used by every business to gain credit with vendors. A company having a good credit history is very important, just as a person’s credit score is when applying for loans. Without a good credit standing, a company will not be able to get the credit they need to rent space or purchase new equipment.

Corporate Identity Theft Prevention

Proper website security and maintenance is of utmost importance when it comes to identity theft prevention. A company’s website should be monitored by the IT staff on a regular basis, and the home page should list an e-mail address for users to contact if they notice any unusual activity. For instance, on several occasions someone hacked a company website and posted pornographic material throughout. Because of this heinous act, the image and reputation of the company was damaged. Also, keep an eye out for sites that use similar domain names or simply purchase them before others can use them.

Losing track of paper documents has often lead to corporate identity theft. To avoid this being a problem, shred any documents that you want to get rid of and file any documents that are to be maintained.

A secure place should be used to store all company data. A filing cabinet can store personal information, and a flash drive can contain all electronic data instead of placing on the office computer.

Virus protection software should be updated regularly to maintain computer network security in addition to periodically changing passwords, and strengthening spyware, adware, and firewalls. A policy should be in place addressing internet use. Employees browsing the internet and visiting sites with adware or spyware may be putting the company’s integrity in jeopardy.

Although corporate identity theft was not a common occurance in the past, their occurrences are continually increasing and can result in a business’s credit being destroyed. Regardless of how big or small a business is, all should be aware of corporate identity theft and take the necessary precautions in order to prevent it from happening. All it takes is for a thief to get their hands on confidential information in order to change the company’s director and address, as well as appoint new directors. Securing critical company data and taking action is important in order to fight against corporate identity theft.

What Is The Cost of Identity Theft?

The cost of identity theft for victims could be significant or minuscule. If the victim acts quickly to restore his or her identity and reports that their accounts have been compromised, then the charges and liability can be limited. Though, the cost of identity in terms of emotional and monetary damage can be immense.

The identity theft restoration process on average will cost victims in the range $2000-$15000 of income. One reason why the costs of identity theft can be this high is due to the length of the recovery process, which can be only a day or possibly an entire year to fix the damage that has been done financially. The cost of identity theft cases is generally in the range of $800-$1400 for victims, which includes legal fees and paperwork.

Not Just Money

While the monetary cost of identity theft can be quantified, the impact psychologically can’t be measured and is often quite substantial. The amount of money victims lose can cause depression, anxiety, and anger. It has been said that approximately 1 out of every 2 victims lose trust in others, experience disbelief, denial, and rage, while also feeling that the police can’t protect them.

While a thief using your credit card to run up debt under your name is a disaster, other elements of identity theft can actually be more frightening. For instance, your social security and medical benefits can be used by thieves.

Other Costs

Identity fraud also causes several other problems as well. If your credit takes a big hit because of the theft, then you could be denied credit going forward. Also, some victims are arrested because of a crime committed by the thief that stole their identity. You might have to file for bankruptcy because of the incurred debt that you had nothing to do with. Some victims lose their jobs and are not able to get employment elsewhere because a thief is using their social security number. And, if a criminal uses your personal information to get medical treatment, then you could be turned down for medical insurance.

Banks and all other companies must be contacted immediately if a person’s debit cards, credit cards, or checks have been stolen in order for liability to limited. The policies outlined by the financial institutions you have an account with should be learned and followed right away when identity theft occurs. Regardless of whether a person is a victim or not, he or she should closely monitor their accounts. Always know where your check books as well as credit and debit cards are at all times to avoid them being stolen.

Identity Theft Restoration

The concept of identity theft restoration doesn’t come to mind for most people until they become a victim. In a minute, the life of an identity theft victim can be turned upside down. Important personal information has been stolen to make purchases or create new accounts in the victim’s name. A person often feels defenseless, confused, and angry when their identity is stolen. What’s scary is that months pass sometimes before people realize that it’s happened to them. By this time, a great deal of damage has been done to the point where it could ruin a person’s credit for years to come. That doesn’t mean however that identity theft restoration is impossible. With some knowledge, persistence, and time, it can be done.

Take Action

In the unfortunate event that your identity is stolen, taking action right away is crucial. The first step is to contact either TransUnion, Experian, or Equifax (the three biggest credit bureaus in the US) and request that a fraud alert be placed on your credit report. It doesn’t matter which one you contact, as the bureau you choose is responsible for notifying the other two. By requesting a fraud alert, you are rejecting all pre-approved insurance and credit offers for as long as two years. Also, a fraud alert will help you move toward getting all the fraudulent charges removed from your records by working together with the bureau.

Inform your bank of the matter and close your accounts to prevent any more withdrawals by the thief. Close any credit card accounts that you have and inform the companies that your identity has been stolen.

Identity theft restoration does not happen overnight. The process can be quite lengthy, involving documents being mailed back and forth frequently, making many phone calls, and filling out paperwork. Months or years may be necessary before full identity theft restoration is complete. If damage has been done to the victim’s credit rating, any new loans taken out will have higher interest rates and insurance liability will increase as well until the situation is rectified. If identity theft lawyers are needed, then the costs will even be greater.

While the identity theft restoration process is not an easy one, recovery is very realistic and with time life will be normal again. Monitoring credit reports closely is suggested by financial advisers, especially for those who have had their identity stolen. There is no full proof protection service or methods that will completely eliminate the possibility of identity theft, but by taking precautions you can reduce the chances of it happening to you significantly.

Identity Theft Lawyers

Millions of people have been victimized by identity theft. Not only do victims face the possibility of their credit being ruined and losing money, but their sense of security as well. If caught, thieves can face prison time for up to 25 years. However, even if the criminal is captured, the damage has been done to the victim. In these situations, identity theft lawyers can be of great assistance by offering guidance to victims so they can rebuild their credit and get back on the road to recovery.

The alternative to not taking action and hiring a identity theft lawyer is to do nothing, and that will not get rid of your problems. Depending on the specifics of the identity theft, the victim could be left in a financial quandary. With bad credit, it will be very difficult to get loans for anything in the future.

Is An Identity Theft Lawyer Needed?

An identity theft lawyer may be necessary in more complex scenarios. If the criminal used your identity to commit crimes, getting these off your record is of utmost importance. A identity theft lawyer will protect you from being prosecuted unjustly because of their understanding of the criminal justice system.

If the unfortunate event you find yourself involved in an identity theft investigation, hiring an experienced identity theft lawyer is essential. These lawyers specialize in identity theft cases and will make the case go smoothly. They will also be able to explain everything to you in a way that you can understand it.

Laws are being modified quite often. Not having an identity theft lawyer on your side will make life that much more difficult in terms of gathering the necessary information to defend yourself.

Creditors sometimes will find a loophole that allows them not recoup the money lost in the theft. In the past, victims have been unable to get a refund for the money stolen from their bank accounts. If this happens to you, then an identity theft lawyer can help you figure out whether you should pursue legal action against debt collectors, credit bureaus, and creditors.

An identity theft lawyer can help you with the identity theft restoration process. Hiring one can be expensive and getting your life back to normal will probably take some time. Because of identity theft, victims have lost their possessions, homes, and jobs. Therefore, maintaining confidentiality of your personal information is critical. Visit only secure websites online and shred any documents with personal data are just several ways to do so.

Examples of Identity Theft

Have you ever wondered why people were victims of identity theft? The truth is there are countless ways in which thieves can can get access to personal information and steal another person’s identity. Some are more common, such as theft of credit cards, bank account information, social security numbers, employment, mail, online ID theft, and scams. Once thieves get the information they need, they can wreak havoc on your life in many ways. The following are some examples of identity theft to keep in mind going forward.

Examples of Identity Theft

Under your name, thieves can file to have your address changed so all of your mail will be sent to their home to gain access to financial and personal information. Some will also just try to steal mail out of other people’s mailbox before they can get to it. This could include credit card payments and possible outgoing mail, which is why it’s best not to leave bill payments in your mailbox.

Other examples of identity theft include stealing phone numbers, social security numbers, driver’s license, and identifiers from checks.

Dumpster diving involves thieves sorting through dumpsters or garbage cans in an attempt to find bank statements, credit card statements, canceled checks, or pre-approved credit card offers. These examples of identity theft can be prevented by shredding all of these documents.

A traditional form of identity theft is stealing purses and wallets, which of course gives thieves access to credit cards and any other identification cards. While this example of identity theft may seem almost outdated compared to the latest techniques, it still happens.

Another involves burglars breaking into a home and stealing important documents such as tax returns, passports, birth certificates, social security cards, and so on.

Children have had their identities stolen without even knowing it. Doing this is attractive to thieves because children have no history of credit, and it will be years before this theft would be discovered by the victim.

Thieves will sometimes falsely claim to be a legitimate business person or government official and tell credit reporting agencies that they need to collect personal information about an individual.

Other examples of identity theft include hacking into computers to steal information, buying stolen records from a co-worker, and gathering personal information from a newspaper article or Who’s Who book.

Phishing involves the process of sending an e-mail that asks you to visit a website and provide personal information. These e-mails often appear legitimate and claim to represent a real company, but of course they aren’t.

These are just several of many examples of identity theft. It can happen at anytime to any person, including you, so don’t take this lightly. Always be on the lookout for scams. Be smart and learn as much as you can about identity theft so you can avoid being the next victim.

Online ID Theft

Online ID theft is not the same as types of identity theft that are more common, and is also more difficult to guard against. Non-online ID theft generally consists of something being physically stolen, such as checks, mail, credit cards, or a drivers license to name a few. On the other hand, online ID theft involves getting access to intangible confidential information, such as credit card numbers, bank account information, social security numbers, passwords, and any other personal information a user has online.

Personal computers can hold a great deal of personal information including passwords, temporary internet files, browser history, cache, and so on. Internet thieves can reconfigure confidential information with the use of these files, such as addresses, social security numbers, credit card numbers, and login ID’s.

The internet is believed to be the most common vehicle used to commit identity theft. Each year, the rates of online ID theft continue to rise.

Years ago, it was found that billions of people use the internet all around the world. One organization claimed that the number of online ID theft cases was over 400,000, resulting in over two billion dollars being lost every year. These facts are startling, which is why protecting your identity is so critical to avoid being the next victim.

In today’s age, the internet is used by many to do banking, online investing, communication, processing financial applications, purchasing products, and so on. In each case, some form of personal information is required. Internet thieves have developed abilities that allow them to proceed with online ID theft. They usually find some way to stay ahead of the curve as well.

With all that said, what can you do to avoid being a victim of online ID theft? Well, you could avoid putting any of your personal information at all online. This means not making any purchases, not creating any accounts, and so on. But, this is probably not very realistic.

Only buy from online stores that are encrypted and can be trusted. If possible, use PayPal to complete any transaction as this will protect your credit card or bank information. Use very strong passwords and the latest browser. Only open e-mails and attachments from people you know, and run an anti-virus scan on a regular basis.

Always use common sense and be mindful that thieves are out there looking for any personal information they can get their hands on.