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News Release from: Equifax | Subject: Corporate ID fraud
Edited by the Buildingtalk Editorial
Team on 02 June 2006
Clamping down on corporate ID fraud
Equifax, a leading ID fraud expert, launch a pocket guide to Combating Corporate ID Theft and Fraud - providing businesses with an accurate and easy-to-read overview of the risks and solutions.
Equifax provides businesses with a pocket guide to protection The threat of corporate identity fraud continues to gather pace, but many businesses still leave the door open for the criminals
This article was originally published on Buildingtalk on 27 Oct 2005 at 8.00am (UK)
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This concern has led Equifax, a leading ID fraud expert, to launch a pocket guide to Combating Corporate ID Theft and Fraud - providing businesses with an accurate and easy-to-read overview of the risks and solutions.
Neil Munroe, External Affairs Director, Equifax comments: "Far too many businesses are sweeping the issue of corporate ID fraud under the carpet".
"When you think that Companies House estimates that corporate ID theft could be costing British businesses £50 million a year, ignoring the problem could be very expensive indeed".
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"And the Metropolitan Police believes it could be even higher, with victims of corporate ID theft losing an average of £2 million".
"By producing this pocket guide we hope to put the issue higher up the agenda for companies and organisations." The concise guide outlines each of the threats, including long firm fraud, phoenix companies and company hi-jacking.
Each section is followed by advice on reducing the risks, ranging from practical steps such as not confirming a trading address to advice on investment in online monitoring tools.
The informative booklet also includes a 12-point checklist for businesses outlining key ways to reduce the risks.
The Equifax 12-point Checklist to reduce the risk of Corporate ID Theft and Fraud.
* Identify business partners and directors.
* vConfirm fax and telephone numbers.
* Never accept hand written order forms or faxes.
* Confirm the trading address of customers and suppliers.
* Ask for original headed company paper.
* Don't assume information provided is correct - always double check and follow up references.
* Are you sure they are who they say they are?.
* Check that the telephone area code is relevant to where the business claims to be trading from.
* Can they provide trade or bank references?.
* Are all references truly independent?.
* Check for any connections to previous companies with similar or identical names.
* Did they answer your call with a business name?.
Neil Munroe concludes, "This guide offers a clear picture of the very real threat of corporate fraud, providing businesses with an insight into the scale of the problem and most importantly how to protect themselves".
"Equifax continues to work closely with the Metropolitan Police and other key organisations to combat corporate ID theft and fraud, but by arming companies with key information we can help them protect their business".
"After all, the cost of ID theft and fraud isn't just financial; a company stands to lose its hard-earned reputation and the confidence of customers - two things most businesses can't afford to lose".
PDF or hardcopy of the Equifax Pocket Guide to Combating ID Theft and Fraud available on request.
Please contact Claire Foster or Kate Clements at HSL on 020 8977 9132.
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