Impersonate the owner of officer in order to conduct significant transactions in the business' name
Impersonating the business owner or a key officer can potentially allow thieves to convince third parties they have the authority to initiate significant transactions in the business' name, such as the sale of business assets - or even sell the business itself.
Yes, it can and does happen. For example:
Krawczyk, a business consultant and public speaker, said he recently did a routine check of his corporate filing with the Nevada Secretary of State’s office, and learned that the company no longer existed. The name, corporate officers and resident agent had been changed. Krawczyk has filed suit alleging that another company fraudulently changed his corporate information and sold his business for $10,000.2
In another case, a small business owner received a phone call about an unpaid electricity bill for one of his office buildings. The owner discovered he never received the bill because the building had been sold without his knowledge. A fraudster had falsified the company minutes, made himself the new CEO, and sold the building to an accomplice - walking off with the proceeds of the sale.3
In both cases, the victims were eventually able to reverse the transactions and recover their assets. But if such a thing happened to your business, even if only temporary, what kind of an impact could it have?
Learn how to protect your business from business identity theft
Need help? Find resources and assistance