Identity Theft Solutions

Business Identity Theft Solutions

When the subject of identity theft comes up, most people think of it in terms of personal or individual identity theft. However, a significant and growing portion of identity theft is now perpetrated against businesses. Businesses need to arm themselves against this growing threat.

Because businesses typically have significantly longer lines of credit than individuals and are not always as quick to identify fraudulent charges, this makes them very tempting targets for the identity thief. Large corporations, like those in the Fortune 500, have in house legal teams with strength and depth to aggressively pursue fraudsters who might attempt to target them. However the Fortune 500 represents only a tiny fraction of the estimated 23 million businesses located in the US. Small and medium sized businesses don’t usually have a team of legal experts but instead are a group of entrepreneurs that are focused upon creating great products and services, delivering quality customer service, covering payroll, and securing payments from customers. The small and medium sized business (SMB) owners and managers are busy working to grow their business rather than focus on identity theft.

Merchants has been providing identity theft solutions to the marketplace for several years and appreciates the difficulty that SMB’s face in successfully managing this growing threat while they seek to maintain focus on growing and improving the business. Consequently, Merchants created an innovative program to help SMB’s protect themselves from the consequences of an identity theft.

The Merchants IDSafeBiz™ program provides fully managed recovery from an identity theft event. IDSafeBiz™ provides the process to help a business restore its finances and reputation to pre-event status. Not only does the business itself enjoy this protection from the consequences of identity theft but also the owners (having 20% or greater ownership in the enrolled company) and titled officers are also personally protected. That’s double the protection from some very nasty consequences.

Also worthy of note is data breach component of the program. Most states (47 of 50) have notification/remediation requirements if sensitive information you keep related to employees or customers were to be lost or stolen. IDSafeBiz™ can help you stay on the right side of the law by making the requisite notices to the affected parties. A data breach and it associated compliance tasks can be a very time consuming thing that would distract the owners and managers of SMB’s from their primary task of keeping the business moving forward.