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Are You Protected from Corporate Identity Theft?

Identity theft is a crime that has evolved with technology.  The internet age has opened new avenues of identity theft and criminals have taken advantage of technology to ply their trade.  Computer hackers are constantly inventing new ways to spot and take advantage of the many opportunities for corporate identity theft and fraud. Wireless internet connections and the computers that facilitate these connections allow information to be shared around the world in real time making corporate identity theft and fraud a constant battle in the global marketplace. 

Unfortunately corporate identity thieves are able to perpetrate fraud in a stealth manner, committing crimes against corporate computer systems without victims becoming aware until it is too late.  Corporate identity fraud comes in many of the same forms as personal identity fraud.  Hackers seek ways to infiltrate corporate banking systems to obtain access to checking accounts to withdraw funds.  Hackers can also find ways to change corporate information, such as a registered address or corporate officers.  Once the corporate information has been changed, bank accounts can be opened in a business’ name and corporate credit ratings can be ruined.

The New Jersey Identity Theft Prevention Act (N.J.S.A. 2C:21-17 et seq.) provides a means to criminally prosecute corporate identity theft and fraud.  Furthermore companies can be compensated at up to three times the value of all costs incurred as a result of the identity theft under N.J.S.A. 2C:21-17.4.  The law is on your side but there are steps you must take to protect your business.

Organization is your greatest weapon against corporate identity theft.  Knowledge of your physical corporate documents, including bank records, will help you monitor when you have been infiltrated and how far a criminal has gone.  Management of risk should be an off-shoot of your organizational goals.  Implement systems to prevent and detect security breaches of your corporate identity.  Data control is also key to knowing how your security can be breached.  Make an effort to discover exactly what documents concerning your corporate identity are available online at the click of a mouse.  Finally, if your business becomes a victim of identity fraud, contact Ventantonio and Wildenhain PC immediately to ensure that your insurance claims, legal investigations, and possible causes of action can proceed.

For more information contact Duncan J. Campbell.

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