Business Identity Theft

1. What laws protect you?

The Home Office, in collaboration with other government departments and private sector organisations, is engaged in a variety of activity to tackle identity theft and identity fraud.

The National Fraud Authority (NFA) was launched on 1 October 2008 with the aim of making the UK a hostile environment for fraudsters. The NFA oversees and provides a strategic framework to the work being carried out to tackle fraud in general, including the formation of an Identity Crime Task Force.

The Data Protection Act also gives the Information Commissioner’s Office the power to fine businesses up to £500,000 for serious breaches. These powers are likely to increase following the reforms currently being made to the EU Data Protection Directive.

2. How is your information stolen?

Theft of paper documents and electronic data occurs in many forms, from documents being taken from recycling bins and rubbish baskets to hacking into company networks. Often, fraud is committed when files are left out in the open and visitors are able to steal copy or snap a photo of information that should be kept confidential. Furthermore, some organisations do not take proper steps to securely destroy their private data.

The growing mobile workforce and shift to cloud computing are leaving organisations increasingly vulnerable to electronic security breaches and the theft of sensitive business data online.

3. How can you protect your business identity?

Consider how identity thieves are stealing the information required to assume a company’s identity and take steps to prevent it. Here are some tips to help you ward of fraudsters:

• Prevention is the best protection. Instead of just dealing with identity theft as it occurs, develop preventative approaches that are strategic, integrated and long-term, such as eliminating security risks at the source and carefully monitoring and restricting access to information.
• Develop internal policies and protocols that mandate secure document storage and disposal practices
• Shred everything on a regular basis. By implementing “shred all” policies, you avoid the risks of human error or poor judgment about what needs to be shredded.
• Create a culture of security by educating employees on information security best practices.
• Shred using a professional service. It’s the only way to ensure there are no security loopholes anywhere in the process.
• Ensure your electronic data is protected by securely and safely destroying your hard drives and photocopier.