Everyone is aware of the threat of personal identity theft. Recent studies quote more than 8 million Americans as ID theft victims, with nearly $50 billion in annual losses, but the most sophisticated identity thieves are now pursuing even bigger payoffs by targeting businesses.

considering businesses have higher credit limits and build larger purchases than consumers, charges by scammers are less likely to be noticed by owners, accountants and creditors. Whereas most consumer ID theft costs victims less

than $5,000 on average, individuals and criminal networks that target businesses can easily haul more than 10 times that amount.

Business identity theft is a very real concern in today’s marketplace considering, from a criminal’s perspective, it is significantly more cost-effective to steal business identities than consumer identities. Small businesses can be easy targets considering they may not be as adept or well-equipped to protect sensitive data as larger companies.

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Orginal post by dhiram