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COVID closures means more to business ID theft than you think from blog The Technology blog and podcast

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COVID closures means more to business ID theft than you think

Hello everyone,

Yesterday, I read an article talking about Business ID theft. It is on the rise amid the Corona Virus closures. If you’re any kind of business, I believe that you should be knowing this. I do not believe that technology businesses are any differently ran than any other business today.

Krebs really dives in to this particular problem. Here are just a few of the top paragraphs to illustrate why I decided to have this story covered on the blog.

Identity thieves who specialize in running up unauthorized lines of credit in the names of small businesses are having a field day with all of the closures
and economic uncertainty wrought by the COVID-19 pandemic, KrebsOnSecurity has learned. This story is about the victims of a particularly aggressive business
ID theft ring that’s spent years targeting small businesses across the country and is now pivoting toward using that access for pandemic assistance loans
and unemployment benefits.

Most consumers are likely aware of the threat from identity theft, which occurs when crooks apply for new lines of credit in your name. But the same crime
can be far more costly and damaging when thieves target small businesses. Unfortunately, far too many entrepreneurs are simply unaware of the threat or
don’t know how to be watchful for it.

What’s more, with so many small enterprises going out of business or sitting dormant during the COVID-19 pandemic, organized fraud rings have an unusually
rich pool of targets to choose from.

If a New Jersey based company can be taken out and problems occur, so can any other business. Maybe the larger businesses can survive and recover, but it honestly depends on how much they’re taken out.

To read the entire story, why not check out Business ID Theft Soars Amid COVID Closures by Brian Krebs and we can definitely discuss on either podcast. What risk are you?

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COVID closures means more to business ID theft than you think was released on July 29, 2020 at 4:00 pm by tech in article commentary.
Last modified: July 29, 2020.

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