Avoiding and Recovering from Business Identity Theft

Avoiding Business Identity Theft

1. Safeguard Business Records

• Secure EIN: Protect your Employer Identification Number (EIN) as you would a Social Security number. Share it only when absolutely necessary.
• Limit access: Restrict who within your company can access sensitive information.
• Shred or securely dispose: Destroy old business documents, checks, or invoices that contain identifying data.

2. Strengthen Cybersecurity

• Use strong, unique passwords and multifactor authentication (MFA).
• Keep business software, firewalls, and anti-virus programs up to date.
• Encrypt sensitive files and communications.
• Train employees on phishing and social engineering tactics.

3. Monitor Business Credit & Records

• Business credit reports: Check your company’s reports with Dun & Bradstreet, Experian, and Equifax regularly.
• Secretary of State records: Periodically review your business filings to ensure no unauthorized changes.
• Bank & vendor accounts: Reconcile statements frequently to catch fraudulent activity early.

4. File Taxes Early

• ·Just as with individuals, filing your business tax returns as early as possible reduces the risk that a fraudster could use your EIN to file first.

5. Protect Online Presence

• Secure your company’s domain names, even variations.
• Monitor social media for fake profiles impersonating your brand.