How to Recover From Business Identity Theft

If your business has become the victim of business identity theft, you need to take immediate action. If you suspect your business has had its identity compromised you should still act immediately to safeguard your assets and determine if you are, in fact, the victim of business identity theft. Criminals who have stolen your business’ identity know that these breeches are usually discovered quickly, so they try to gain as much profit as possible before their scam gets shut down.

Business Identity Theft, TJ Woods Insurance, Worcester, MABelow are steps for a standard company that has business accounts, including credit and debit cards along with company checks. You may need to take additional steps depending on the scope of the ID theft, as well as the vulnerabilities specific to your business.

Contact your Bank

These are the most vulnerable accounts because the cash can quickly be transferred or withdrawn by the perpetrators. These accounts are relatively accessible and criminals are ready to remove the money and be off as soon as possible. Contact your bank’s fraud department as they may be able to block transactions by freezing your account, or even reverse some transactions depending on how recently they were processed.

Notify Your Credit & Check Verification Company

The next step is to notify your credit card companies, as your company charge cards are also susceptible to exploitation. This way they can cancel cards and close accounts. If the thief has already used the cards to fraudulent activities, then review your recent transactions with the representative to identify them. If you suspect check fraud is committed, contact one of the many check verification companies which service businesses in doubt.

Report to Local Authorities

Next, contact the local police and any other agency which should be involved. The only time you need to contact your state’s business registration agency is when there is a fraudulent filing or other record tampering. Otherwise, the local law enforcement should be sufficient. Obtain your case number, as that will be important to financial institutions who will have to correct fraudulent activity.

Stay On Top of Things

Although this is a time of high stress and worry, make sure to stay as detailed and organized as possible. Document every move, phone call, etc. the more information you can compile the more likely it is you will be able to prove that fraudulent activity has happened and recover from it. Make sure to contact your creditors and important business partners, including suppliers or buyers, as they might be adversely affected by the theft. In addition, you may not be able to hold up agreements or deadlines or payments as planned. Make sure to communicate this promptly and transparently. Finally, if any client information was stolen at the same time they should be warned so they take preventative measure.

Business identity theft schemes can be devastating for businesses. Remember, acting quickly is the key if you’ve been compromised. An important aspect of protecting yourself is ensuring your business insurance policy covers you properly. If you have questions about business identity theft or the business insurance that covers it, contact the experienced professionals at TJ Woods Insurance Agency today.