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Protecting against Identity Theft Corporate Cloning
Protecting yourself and those important to you 
Identity theft and corporate cloning
Individuals have been warned about the threat of identity theft for some time. Now however it's the turn of businesses as well. Your business produces documents containing sensitive and confidential information. The secure destruction and disposal of these documents is essential to comply with legislation and to maintain commercial integrity.
The list of documents that, in the wrong hands, could harm your competitiveness, reputation or viability is endless.
- customer records
- marketing plans
- financial reports
- internal memoranda
- minutes of meetings
- payroll data
- costings
- even rough notes
- and much much more
These are just a few of the types of information that could embarrass or compromise your company if not disposed of securely.
To help minimise the risk, take the following steps:
First and foremost, shredding is essential. Buy the best product you can, not the cheapest, make sure it is cross cut and make sure you shred everything. Even your post-it notes. Remember 1 in 10 UK businesses are victims of identity theft, and 50% viaBin Raiders. In addition:
Take advantage of fraud prevention tools
Most financial services companies use a multitude of prevention systems to help combat fraud and to authenticate and verify the identity of their customers, whether consumers, businesses or the individual(s) behind a business - ensure your company employs similar best practice.
Always check the identity of your customers
An obvious step - but remember - be careful when relying on paper-based documents as proof of identity because the risk of document compromise or forgery is very real. Such documentary evidence, including headed paper, utility bills etc, can be easily forged and/or stolen. Train and support your staff to be aware and able to ask customers for alternative documentation. Also how to deal with potentially ‘difficult' situations.
Remember the Data Protection Act
You have a duty of care to protect your customers' information (and that of your company and its employees for that matter) and a legal obligation under the Data Protection Act. Always dispose of information in the same secure and confidential manner in which you should store it. Invest in a shredder and ensure that it is used.
Consider a monitoring service
Employ a monitoring service to check your business ID is not being used or compromised by fraudsters and keep a watchful eye on the information registered against your own company and key customers. That way, you will be instantly advised of any changes, additions, or amendments made to company documentation filed at Companies House. Take care of your company information and customers' personal data by keeping your documents and proofs of identity secure.
Vet employees with access to personal information
70 per cent of all fraud involves an employee, so checking staff, having policies of rotation to uncover any fraud, keeping records of those with access to the data regarding company records, staff details and client data may stop the potential opportunity for fraud arising.
Train your staff
Ensure that staff understand the correct procedure for handling sensitive documents such as those relating to customer and personnel information. Make sure your employees are aware of the law regarding Data Protection and the seriousness of breaching the act. For further details please visit: http://www.informationcommissioner.gov.uk/
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