Scenario 3: A business owner received a phone call about an unpaid electricity bill for an office building they owned. Upon investigation it was discovered that they never received the bill, because someone sold the building without their knowledge! A fraudster falsified company minutes, made himself CEO, and sold the building out from under them. They were only able to stop the sale because they caught it so early.
These are three real-life cases of business identity theft. Unfortunately, it’s becoming more common. Thieves have learned that businesses make better targets than individuals, and the threat to business owners is immense. Inability to pay bills, meet payroll or tax obligations, loss of personal income, and negative credit reporting are just some of the potential consequences of becoming a victim. Worse case, the business fails. Business identity theft is scary, but you can protect yourself.