As a small business owner you have a lot on your plate, but you need to start educating yourself on another issue threatening businesses.
Identity thieves have branched out. They’re not just after individuals anymore—businesses are the new target for hackers and fraudsters.
With their deep credit lines, multiple users, and many financial transactions, businesses make it easier for thieves to operate, since their erroneous charges typically go unnoticed for a longer time in the busy business setting. These crimes can happen right under your nose before there is even a whiff of the theft.
Take a Sacramento law firm that was fraudulently charged $70,000 after a group of thieves impersonated the company, moved in to the same building, and ordered computers, furniture, and other goods on the firm’s company credit card. The fraudsters moved out of the building before the charges were ever discovered.
This growing threat puts many small-business owners at risk, especially if your business credit line is tied to your personal credit. Thieves that gain access to your business may compromise your personal accounts as well, which can be devastating.
A National Cybercrime Security Alliance study found that one in five small businesses fall victim to cybercrime each year, with 60% of those victims going out of business within six months.