Credit and Finance, Growth, Management, Small Business
Protecting your data self
The idea that someone has stolen your personal financial details is distressing enough but for a business, the commercial consequences can be enormous. Depending on the nature of the security breach, it could result in staff and suppliers not being paid, irreparable reputational damage, court proceedings and even liquidation.
Whenever security is compromised, your company finances – and Data Self – may well suffer too. Armed with confidential information, fraudsters could apply for loans in your name and accumulate debts that lower your credit score, which would impact on your ability to obtain future financing.
Luckily, there are a number of steps you can take to ensure high levels of security across your business and protect it from identity fraud.
DON’T use the same password for multiple accounts
It’s not uncommon for a workplace to have the same login details for different accounts, so that everyone can remember them. But, if your email, social media channels and business banking accounts are linked with similar passwords, you could leave yourself vulnerable to hackers. Never be tempted to replicate the ones you use at home in the office either, and always use a mix of random numbers, symbols and a combination of upper and lower case letters, being sure to change them at regular intervals.
DO keep an eye on personal details
Something as simple as posting your date of birth or details of your home address on social media could be enough for fraudsters to apply for credit in your name. Just as you’d never leave a bank statement lying around in a public place, it’s important to protect your Data Self too. Be careful about what you share online, and set your privacy settings so that only people you know can view your profile.
DON’T just share your information with anyone
Sophisticated scammers may create fake websites, and pose as trusted companies or organisations to try and get you to pass over valuable personal information. Make sure you only enter personal details into websites belonging to organisations that you know and trust – you can check this by viewing the padlock icon or ‘https’ in the search bar. Tools such as Identity Check and Experian’s My Business Profile can help guarantee the identity of customers and safeguard your business.
DO stay alert to fraud with Experian’s My Business Profile
If fraud within your business does happen, it’s best to catch it early by keeping an eye on your Business Credit Score. A My Business Profile subscription will alert you to certain changes on your Experian Business Credit Score that could indicate fraud and provide dedicated fraud support and web monitoring to help protect your personal information.
For more details on Experian’s My Business Profile, and to start your 30-day free trial, click here.