Equifax, a ID fraud expert, has launched a pocket guide to Combating Corporate ID Theft & Fraud providing businesses with an accurate and easy-to-read overview of the risks and solutions.
Neil Munroe, external affairs director, Equifax says: Far too many businesses are sweeping the issue of corporate ID fraud under the carpet.
When you think that Companies House estimates that corporate ID theft could be costing British businesses 50m a year, ignoring the problem could be very expensive indeed.
And the Metropolitan Police believes it could be even higher, with victims of corporate ID theft losing an average of 2m. By producing this pocket guide we hope to put the issue higher up the agenda for companies and organisations.
The concise guide outlines each of the threats, including long firm fraud, phoenix companies and company hi-jacking.
Each section is followed by advice on reducing the risks, ranging from practical steps such as not confirming a trading address to advice on investment in online monitoring tools.
The informative booklet also includes a 12-point checklist for businesses outlining key ways to reduce the risks.
These points are, Identify business partners and directors, Confirm fax and telephone numbers, Never accept hand written order forms or faxes, Confirm the trading address of customers and suppliers, Ask for original headed company paper, Dont assume information provided is correct always double check and follow up references, Are you sure they are who they say they are?, Check that the telephone area code is relevant to where the business claims to be trading from, Can they provide trade or bank references?, Are all references truly independent?, Check for any connections to previous companies with similar or identical names, Did they answer your call with a business name?
Munroe adds: This guide offers a clear picture of the very real threat of corporate fraud, providing businesses with an insight into the scale of the problem and most importantly how to protect themselves.
Equifax continues to work closely with the Metropolitan Police and other key organisations to combat corporate ID theft and fraud, but by arming companies with key information we can help them protect their business.
After all, the cost of ID theft and fraud isnt just financial; a company stands to lose its hard-earned reputation and the confidence of customers two things most businesses cant afford to lose.