Corporate Identity Theft? Securing Your Company From The Menace

With the rising graph of crimes & cruelty all across the globe, the criminals have now found several new means of harming people in the varied structures. Getting in to the flow corporate identity theft reached the UK businesses in November 2005.

The news given in the varied sources report that last November, corporate identity theft actually costed the UK businesses a fortune of upto £ 50M annually. How is this made possible? Or so to say what is their modus operandi to conduct this kind of theft?

Theft Prevention

As a matter of fact this has been a part of the corporate world for several years now.

Corporate Identity Theft? Securing Your Company From The Menace

This is how they operate:

1. It might sound unbelievable but these criminals are actually posing as the company directors for several companies! Every year they target the growing number so the gullible people - they order goods from them that they just never pay for - & finally they sell the products for high profits thereby ripping off the suppliers!

2. They make a good smokescreen among them and the clients in order to prove themselves all legal. For this they register with some government agency that handles the company registrations. Then they change the company records & run up over credit using the company's name.

3. Their team of thieves claims / pretends that they are the manager and other illustrious positions of a company, & check on the company's credit rating. Once they are sure that the credit rating is good, they initiate the dirty mind game. Now they forge & file the forms at that government agency where the companies are registered. Then he / she notifies an appointment of some fictitious new director. Next they imply that there is a registered office address of the company.

4. Now, on the other hand, Registrar of the Companies simply can not check on the validity of their documents, & also they are not obliged by the law to check these, so they proceed registering such fraud companies.

5. Next the thief conveniently orders very high value goods & services on credit. They also make sue of the false IDs & pretend to be the company director.

6. To counter check for such frauds, the supplier must search at the Companies House. But, since the exactness of thief's claim is already established here unfortunately the supplier would not find anything amiss.

7. Now once the goods get delivered, this fake company directory disappears, with out paying. And the company that he represented for obviously suffers a so-called set back.

8. Now-a-days this sort of corporate identity has become a major problem for one & all in the corporate world. In this case the small companies are all as vulnerable as the large ones.

9. The victim company then has to face severe music. They already have had losses, next they are denied the loan, as the bank says that their company is already going through significant financial obligations. Now they are under the pressure that they first must clear up the losses made by those frauds and then would the financial institution trust their caliber to get the loan.

10. In case you are running a medium or a small size business, it might happen you're your company as well.

11. In the corporate ethics, security & trust are 2 key concerns for any one. No matter, whether you own a business in UK or some other country on the globe, you must try your best and be cautious of such corporate identity thefts.

Here are some recommended protective measures for the companies:

12. First of all, make sure that no thief is targeting your business. You must frequently check at the government agencies handling the company registrations to confirm that your company's address of the registered office is absolutely correct. One can also do it online only by tracking the website of government agency mentioned.

13. Next start a sign up service as a proof so as to preempt the thief. In case your business is based in UK, try filing online for the PROOF service.

14. Filing in for the proof service implies that any changes in your company's information must only be filed electronically. It must also include the changes such as company director's name, business address, etc.

15. The moment one becomes the member of the proof service, your filing through the papers would be rejected. The electronic forms make use of several details like the user name, password & authentication.

16. These factors protect your documents and make them inaccessible for all unwanted forces.

You can bar the tentacles of the corporate identity thefts from ruining your company by some simple preventive measures. And it would eventually stop the insidious attacks of the crime.

Corporate Identity Theft? Securing Your Company From The Menace

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