Business Identity Theft Statistics:
Identity Theft is not just a personal problem: Part I
Identity theft is not merely a crime that affects individual consumers. Businesses, of all sizes and structure, are identity fraud targets as well.
Cash is king, and your business bank account holds a princely sum
Like everyone else, criminals want more money with less work. Businesses routinely carry much larger bank account balances than average consumers, making them desirable and tempting targets for identity thieves and cyber criminals. From a criminal’s perspective, if you had a choice of stealing $500 to $1000 from an individual, or $10,000 to $100,000 (or more) from a business with roughly the same amount of effort, which would you choose? The answer is obvious, and the resulting shift from targeting consumers to targeting businesses presents dangerous new threats to businesses of every size.
How much can your business afford to lose?
Business bank accounts do not enjoy the same level of fraud protection as traditional consumer bank accounts. Shorter reporting timelines, significantly increased liability for fraud losses, and reduced (or non-existent) transactional scrutiny in business and commercial bank accounts mean businesses must aggressively protect their cash accounts.
Infection of business computers and business systems by viruses, Trojans, and other malicious software (“malware”) can let thieves access your business bank accounts, leading to quick and potentially devastating financial losses to your business. It is critical that you and your employees know the risks and take appropriate measures to protect your business. Any business that fails to do so can suffer tremendous losses with little or no hope of recovery.
A List You Don’t Want Your Business to Be On
The ITPA offers FREE employer training accounts that make providing your required employee information security and compliance training simple, painless, and affordable. Businesses of every size can easily manage and deliver world-class interactive training with no upfront costs, no I.T. requirements, and no minimum purchase requirements. Your online training center can be ready to use in just minutes. Learn more and get started today!
More information and resources
The national business identity theft resource website, BusinessIDtheft.org, offers a wealth of free information, resources, and tips to help you protect your business from thieves and cybercrime.