Business owner? Watch out for fraud
Fraud on businesses has been rising dramatically over the past few years, but it may not just be business fraud in the sense that you know it, which
will affect you badly. Identity fraud is on the rise even faster, and more and more business owners are being targeted, as they are the people more
likely to have extra funds and multiple accounts in these somewhat troubled times. So, if you are a business owner yourself, watch out for the new
â€˜business fraud' where someone posing as you could undermine everything you own if you are not careful.
Identity theft rose 22% from 2007 to 2008, with around 10 million people affected, according to a study by Javelin Strategy & Research Centre. The
agency Experian also investigated the issue, finding that business fraud on owners took a 70% rise in the second half of 2009 compared to the first. It
is important to realise that credit is not being granted to many people at the moment, in light of the fact that banks do not want to take a gamble. For
this reason, your business may well be targeted as, as a business owner, you are likely to have existing credit and be in a better financial state to have
money lent to you. If you have identity fraud carried out on you as a business owner, then it can be as bad as business fraud as an inside job and
targeted at the business instead of you.
Wallet, bag and document theft is still the most common way of acquiring details of people, and once gotten fraudsters act fast, with the majority (71%)
of people seeing the fraud take place within a week of seeing their items go missing. It is vital that you give people as little opportunity to steal as
possible. Make sure you do not take any personal details, such as bank numbers, to work. Make sure all of your finances are handled by a trusted
team, if you employee people to do so, and keep this a small circle of people that you can keep an eye on. Unfortunately, people close to your
business accounts are just as likely to be able to steal. A lot of busine