In today’s digital landscape, identity theft isn’t just a consumer problem—it can be a threat to businesses of all sizes. Cybercriminals are constantly evolving their tactics, targeting businesses to steal sensitive data, manipulate financial transactions, and even commit fraud in a company’s name.

Business identity theft can take many forms, including fraudulent use of a company’s name, tax ID, or financial accounts. Cybercriminals can impersonate a legitimate business to apply for credit, file false tax returns, or conduct scams against unsuspecting customers and vendors. Unlike personal identity theft, business identity theft can go undetected for months, leading to financial losses.

BBB has the following steps to protect your business from Identity Theft:

1. Monitor Your Business Identity

• Regularly review your business credit reports from agencies like Dun & Bradstreet, Equifax, and Experian.
• Set up alerts for unusual activity on financial accounts.
• Monitor online mentions of your business to detect fraudulent impersonation.

2. Strengthen Cybersecurity Measures

• Implement strong password policies and multi-factor authentication.
• Educate employees on recognizing phishing scams and suspicious links.
• Regularly update software, firewalls, and antivirus programs to prevent cyberattacks.

3. Safeguard Sensitive Information

• Restrict access to financial records and sensitive data.
• Shred physical documents containing business information before disposal.
• Use secure payment methods and verify vendors before making transactions.

4. Verify and Report Suspicious Activity

• Watch for signs of fraud, such as unexpected bills, unfamiliar transactions, or notices from tax authorities.
• Report suspected business identity theft to the BBB, your bank, and the Federal Trade Commission (FTC).
• Consider enrolling in a business identity monitoring service to detect threats early.

For more information check out the BBB’s ID Theft HQ and the BizHQ. Contact your Better Business Bureau by calling 216.241.7678 or emailing info@cleveland.bbb.org. Interested in becoming BBB Accredited? Find out how you can apply for BBB Accreditation.