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Business identity theft: An emerging threat

by Maria Sassian
July 09, 2018

Business identity theft: An emerging threat

by Maria Sassian
July 09, 2018

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Individuals are not the only ones at risk of identity theft. Increasingly, businesses are contending with criminal use of their identity for tax fraud, credit card and other financial fraud, as well as having their websites and business name trademarks held for ransom.

A recently released report by the National Cybersecurity Society states that criminals are combining stolen

data from data breaches with business intelligence to create large tax returns; wire transfers and ransoms which are fueling an underground economy of organized crime.

The IRS reported 4,000 instances of business identity theft cases in 2016. In 2017 that figure soared to 10,000, the largest year-over-year increase on record. Damages were estimated at $268 million in 2016 but curiously declined to $137 million in 2017.

The Insurance Information Institute has facts and statistics on Identity theft.

 

This article was written by Maria Sassian from Terms + Conditions and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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