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Protect Yourself Against Identity Fraud

Official reports are that identify fraud is still on the rise and the culprits appear to be even more resourceful at targeting individuals and businesses during the recession.

Most of us think of identity fraud in terms of us personally but registered companies are particularly vulnerable to corporate id fraud or company hijacking which can then be used to acquire assets or even to ‘rip-off’ unsuspecting consumers. They do this by submitting a forged document to Companies House to change the registered address. They then use the new location to carry out their activities and obtain credit to purchase goods and services.

64% of businesses do not have a clear policy for handing sensitive information and documents so take heed of these top 10 tips from the National Fraud Authority:

  1. Register with Companies House and make sure you sign up to their Electronic Filing, Proof and Monitor services. This will help to prevent fraudsters changing the names of your directors and attempting to impersonate your company.
  2. Make sure that all employees are fully informed about the risk of identity fraud. Create a clear set of guidelines and procedures for staff concerning the handling, storage and sharing of sensitive information, both on and off-line.
  3. Always make sure that unwanted information is properly destroyed. As well as shredding paper by using a crosscut or micro-shred shredder, don't forget to shred CDs and DVDs.
  4. Wipe all information from old computers and destroy any staff uniforms before they are thrown out.
  5. Check the identity of your customers. Both business and consumer credit reference agencies offer a wide range of solutions to authenticate and verify the identity of customers to ensure that they exist and are who they say they are. The same goes for any partners and vendors with whom you enter into contracts – before you sign on the dotted line.
  6. Check your Companies House registration regularly. If it changes, take steps immediately.
  7. Secure all technology especially communications and storage resources and change passwords regularly.
  8. Keep sensitive information secure. Don't put anything online, such as directors' signatures.
  9. Protect your post. Fraudsters may try to redirect your company mail or that of a vendor or partner. Make sure your post is delivered to a secure box or address.
  10. Relocation. If your company relocates, get Royal Mail to redirect any mail from your old address to your new one for at least a year.