Is there a rise in identity theft in business?

As of my last knowledge update in January 2022, identity theft in the context of business was a growing concern. Identity theft in business can manifest in various ways, including fraudulent access to business accounts, unauthorized use of business credit, and impersonation of business owners or employees for financial gain.

Several factors contributed to the risk of identity theft in business:

• Cyberattacks: Businesses were increasingly targeted by cybercriminals seeking to steal sensitive business and customer information, which could be used for identity theft.
• Data Breaches: Data breaches, which exposed large amounts of personal and business data, provided cybercriminals with the information they needed to commit identity theft.
• Insider Threats: Employees or former employees with access to business data could misuse that access for fraudulent purposes.
• Phishing Scams: Phishing attacks aimed at business employees often led to compromised credentials and opened the door to identity theft attempts.
• Remote Work: The transition to remote work during the COVID-19 pandemic created new challenges for securing business information and preventing identity theft.

It's important to note that the situation may have evolved since my last update. To get the most current information on the prevalence of identity theft in business, I recommend consulting recent cybersecurity reports, industry news, and government sources that track cybercrime trends and statistics.

HOW TO : SAFEGUARD YOUR PRIVACY IN BUSINESS: PROVEN STRATEGIES FOR IDENTITY PROTECTION 

1.Virtual Private Networks (VPNs)

• Conceal your IP address – the unique identifier your computer, phone or tablet is assigned on the internet – so that websites you visit don’t know who or where you really are. They also encrypt the data you send and receive over the internet, making it unintelligible to anyone without a decryption key.
• VPN can protect you against state surveillance and international surveillance alliances.

2. ASSUMED NAME

• A name you choose for your business that is different from the legal registered name for your LLC or other corporation
• Filed with the Secretary of State or other governing body of any and all states in which you operate. Once you do register this new name, you’ll be granted a certificate of assumed business name.

WHY OBTAIN A DBA CERTIFICATE ?

• This document serves as proof your company does, in fact, have the legal right to use that name
• Legitimizes your company. If any issues or disputes ever arise, you can more easily lay claim to that assumed business name

3. VIRTUAL ADDRESS

Will help protect the privacy of your home-based business. If you don’t use a virtual business address service, you would have to use your home address when filing a new business with the state. That means your private information would become public record. With a virtual business address, your personal address can remain completely confidential even if you have a home business.

Using a virtual business address can give your business a more professional image to its customers and clients. Most virtual business addresses are located at a mail center in well-known commercial areas. So customers will see your business address as a prestigious office building downtown even if you just have a small online business startup.

PROS:

• More cost effective than leasing commercial office space
• Mail forwarding services available
• BE AWARE OF : INITIAL SETUP COST & HANDLING FEES