Educate yourself and your employees with fraud awareness
Business identity theft happens when criminals pose as owners, officers or employees of a business to illegally get cash, credit, and loans, leaving the victimized business with the debts.
Fraud and identity theft can be very disruptive. If we identify potential fraudulent activity, our Fraud team will contact you to resolve the issue.
What is business identity theft
Business identity theft happens when criminals pose as owners, officers or employees of a business to illegally get cash, credit, and loans, leaving the victimized business with the debts. Identity thieves can steal a business' identity by gaining access to their bank accounts and credit cards or by stealing sensitive information such as the Tax Identification Number (TIN), Employer Identification Number (EIN) or the owners' Social Security Number (SSN). Criminals then use the stolen information to open lines of credit with financial institutions or retailers to purchase commercial electronics, home improvement materials, gift cards, and other items that can be bought and exchanged for cash or sold with relative ease.
Business identity thieves are often employees or former employees with direct access to financial information. Victims of business identity theft often don't find out about the crime until significant losses accumulate, or someone discovers discrepancies on the books. Because of the hidden nature of the transactions, businesses can potentially lose large amounts of money.
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