5 Reasons Why Businesses Should Care About Identity Theft

August 25, 2021

Identity theft is a major problem, and it's an issue that can have a major impact on your company. Often, identity theft goes undetected for years, which can lead to serious consequences.

The stolen business identity is used to apply for loans, open credit card accounts, or claim tax refunds. These fake accounts will cause your credit score to drop and increase the risk of bankruptcy. In the meantime, the thief may be doing business under your name without you knowing it. In this article, we’ll share five reasons that businesses should care about identity theft.

What are the risks for businesses?

The main risk businesses face is the loss of a company’s reputation, which is likely to take a long time to bounce back from. Not only the loss of reputation, but these are the five biggest concerns for businesses when it comes to identity theft:

  • Late payrolls and loss of employees
  • State and federal tax disputes
  • Negligence liability
  • Lines of credit opened in your business account
  • Bankruptcy

Businesses should have a stronger interest than individuals when it comes to preventing identity theft. IdentityGuard has a helpful article with

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