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Monday, July 11, 2011

The Big Cost Of ID Fraud To Small Business Owners

The Big Cost Of ID Fraud To Small Business Owners

Small business owners are far more likely to be victimized by identity fraud and incur greater costs than the average consumer, according to a recently released study by Javelin Research & Strategy.
That’s because small businesses often lack the resources and expertise to actively combat the sophisticated means that criminals use to steal confidential consumer information, such as with phishing and spear-phishing attacks, according to the Pleasanton, California-based research company. Additionally, small businesses that offer Notary services can be more likely to encounter signers using fraudulent or forged IDs because they generally lack sophisticated ID verification systems and policies used by banks and other large companies offering Notary services.
In 2010, identity fraud targeting small businesses totaled $8 billion, with most of that being absorbed by the businesses, credit card companies and other financial service providers. In addition, the average cost to a small business is more than double that of the consumer because small business owners typically have to pay their own legal expenses and often do not have the zero-liability protection financial institutions offer consumers.
Experts suggest that small business owners follow many of the same precautions that consumers use, such as maintaining robust anti-virus protection on all computers and activating alerts on bank accounts and other financial accounts. Additionally, Notaries should obtain and keep current their errors & omissions insurance policies.

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