Identity theft is a kind of cheating by misusing other identity or pretends to be someone, in order to use, access the resources of other persons and their credits. Initially identity theft is associated with personal cheat, where one person pretends to be someone to exploit their wealth, bank accounts or credit card benefits. But in broader term, Identity theft also refers to the illegal use of the brand, name, image etc of a business organization to exploit their reputation to produce fake products and to sell in the market on the label of well established company’s name.
Albeit with the development of new technology, trademarks and holograms have been introduced and installed in the products to explain the authenticity; however, technology made it easier than ever equally for the illegal activities to knock it off. So businesses are vulnerable for the fraudulent to produce perfect fake products and dupe in the market, utilizing the reputation of your company.
Effects of Business Identity Theft
It is estimated that businesses lose more than 50 billion dollar every year just because of the business identity theft and mostly the smaller business organizations contributed in the total loss. The identity of companies as well as the employees of the organization theft is using the many fake ways such as making phone calls pretend to be from banks and asking for personal information or sending mails to the corporate mails ids pretend to be from financial sectors and looking for the company information or watching your company moves closely and get the secret details when your application is being filled in the public areas etc.
The cheaters use this illegal information to access your accounts to make most out of it, before you realize that you have been cheated. In another kind, they may use your organization’s brand name to produce fake products and sell them in market to make money and damage your reputation. For customers it is a formidable task to distinguish between the true and the fake ones as the modern clones are made so perfectly.
Small Businesses at more risk
Using the opportunity that, small businesses may be less perceived about the protection of their sensitive information compared to the big companies, the cheaters target the vulnerable small businesses. The established big companies could afford to hire dedicated privacy officers often to check their safety, which the smaller businesses cannot.
Because of the practical difficulties in prosecuting the perpetrators of the identity theft, many have gone scot free. The crimes are not even prosecuted in several cases since the investigators have very limited resources.
Most of the small and medium sized business owners think that their business is not big enough to attract the identity thieves. The outcome of the survey conducted by the McAfee suggested that 45 percent of the small business owners believe that they might not the target of the identity thieves; notwithstanding a small business owners will have good credit with huge credit limit available, which is what considered as the valuable for the identity thieves.
iNet verification’s Effort
Inet verification, the online business verification company can look for identity thieves and prevents your business organization’s image and name from being used for bogus products. It can create awareness among the public to distinguish between the fake and authenticity of the products. From the public opinion and complaints, Inet verification can find out the illegal products on a certain company and can save them from the damages.
Inet verification is a whistle blower website against the fake products and services and keeps your business safe and profitable.
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