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thief stealing credit card

Identity theft is a serious crime that impacts the lives of over 10 million people each year and the numbers are rising. Although the risk of identity theft is year-round, the holiday season can put both consumers and businesses at a heightened risk.

Did you know 1 out of every 20 people is at risk of having their identity stolen?

However, consumers are not the only ones being targeted anymore. Now business owners have a new type of threat that can induce a whirlwind of devastation to their companies.

While the cost of identity theft among consumers costs companies worldwide an estimated $221 billion a year; business identity theft is a real and growing threat across the country.

When it comes to a business, a criminal will take possession of a company’s identity and utilize it to get credit in the company’s name. Once they obtain several new credit accounts they go on a spending spree purchasing electronics, office equipment, gift cards, and other products that could be purchased and sold for cash.

The damage this can cause could immobilize a business, prevent it from acquiring any credit, and even endanger its entire operation.

As a business owner you need to be proactive and take the necessary steps to protect your business credit identity. Here are four ways to protect your business during and through the holiday season.

1) Establish a protection plan– Layout a step-by-step strategy to secure your company’s identity and put it into action. It’s also important to have an action plan in place in the event that you do end up being a victim.

2) Keep company documents safe — Keep all your business files and records in a secure and protected location. Throw away any type of unneeded information using a micro cut shredder for the greatest degree of safety. Additionally, never ever offer your business tax identification number, financials, or bank statements to any person unless you have made the initial contact.

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About Marco Carbajo

Marco Carbajo is a nationally recognized expert on building business credit and consumer credit restoration. He is founder of the Business Credit Insiders Circle, the nation's leading step-by-step business credit building system providing access to vendor lines of credit, fleet cards, business credit cards, funding sources and lenders that report to all the major business credit agencies. Marco has been featured in FOX Small Business, AllBusiness, Dun and Bradstreet Credibility Corp, the SBA Community, American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune and Entrepreneur Connect.