The Cost Of Fraud To Business: Are You Being Taken Advantage Of?

Ask yourself this – would you hand a thief your debit card and send him on his way with the P.I.N number or post a Tweet publicly declaring the passwords to your internet bank account for all to see?

‘Don’t be ridiculous’, I hear you holler!

But, sadly, it may not be quite as ridiculous as it sounds – with thousands of businesses opening themselves up to the risk of being targeted by predatory fraudsters every day.

Bank statements and important documents containing personal and confidential information are the mainstay ingredient in the packed-to-the-rafters cabinet drawers of every business or home office. They contain everything a criminal needs to open up bank accounts, obtain credit and commit fraud. And with the latest figures from fraud prevention agency Cifas revealing that the number of identity theft victims has risen by almost 31% to 3,058 in the first three months of 2015 alone, it’s time to act.

The solution is simple: shred everything! But even that comes with options – and choosing the wrong one could be costly.

Companies are quickly facing up to the reality that the outdated, time-consuming and extremely costly practice of manual shredding is yesterday’s news. Gone are the days of wasting the skills of a member of staff and paying out a full-time wage for them to stand for hours upon hours in front of a shredding machine, individually feeding it thousands of pieces of paper to destroy.

Instead many have decided to outsource shredding duties to an outside company. But at what possible cost? Outsourcing shredding is not only expensive, but also incredibly risky in terms of data protection when we are living in a time when identity theft is rampant in the UK.

Strangers are invited freely into your business premises, surrounded with important personnel files and confidential legal documents, to then leave with packs of paperwork containing confidential information to be shredded off site, resulting in you never being in complete control over the prying eyes that may stumble upon them once they’re gone.

The impact of identity fraud on a business, its employees and customers can be substantial. Too much information in the wrong hands can cost a business everything. For individuals or self-employed workers, the impact can be just as bad. Whenever an identity is lost, the results can be the inconvenience of a trashed credit rating and the long and difficult struggle to clear your name.

Step forward Auto Feed shredders with the solution. The benefits of investing in them to every business are huge. If you’re in any doubt, think of incredible savings on cost, reductions in wasted staff time, and taking back 100% control over the handling of important and confidential data.

Are your current shredding practices worth the cost of becoming a victim of identity fraud?