Identity Fraud On the Rise

More than 145 million eBay customers had their data stolen by cyber thieves in one of the largest hacks of all time. The thieves were able to to penetrate eBay’s user databases by obtaining the identity credentials of just three employees. This attack on eBay has drawn attention to the problem of identity theft and how important it is to secure confidential employee information. Protecting against identity theft is a serious issue for both businesses and consumers. According to a study produced by the U.S. Department of Justice, there are more than 11.5 million victims of identity fraud each year. Collectively, this amounts to a total financial loss of $21 billion. Much of this identity fraud can be avoided by taking preventive steps. Here are some of the ways to protect your business and customers from becoming victims of identity fraud. Train Employees In Identity Fraud Prevention Tricking employees into giving over confidential information is one of the most common ways of obtaining access to a business’ internal network. This technique is commonly referred to as “social engineering.” One of the best ways to avoid this problem is to provide identity fraud prevention training for your employees.

Retain Documents Until They Are Destroyed
It is tempting to dispose of documents and receipts as soon as possible, but this will make stealing your financial information much easier for identity thieves. When you are handed any documentation which contains financially sensitive information, keep it with you. Wait until the documents can be processed through a shredder before disposing of them.

Lock Up Your Mailbox
One of the most vulnerable areas for identity fraud is the mailbox. For fraudsters, the mailbox is a treasure trove of personal and financial information. One of the best ways of protecting against identity fraud is to make sure that it is securely locked.

Use A Shredder
One of the single best ways of protecting against identity theft is to use a high-quality shredder. To maximize your security, it is recommended that you use a cross-cut shredder. There have been situations where a straight shredder has left paper strips which could be reconstructed to provide access to sensitive information. Ideally, the cross shredder should produce particles which are no more 1 x 5 mm in size. The loss in confidence experienced by customers when a business like eBay is compromised can be incredibly damaging. Make sure that your business doesn’t become a victim of identity theft by securely disposing of all sensitive company information.