Business ID theft can cause far more costly and severe damages than just new lines of credit in your name. The sad truth is that many business owners aren’t aware of this type of threat or have no idea of how they can fight it. This article is here to help you with the issue and the right high risk merchant account for your eCommerce business.
COVID Closures Resulting in ID Theft
COVID-19 has harmed not only people but also businesses. The created situation has “opened up” more opportunities for hackers and scammers to take advantage of the chaos. During COVID-19, there’s been a significant rise in data breaches, hacks against the healthcare companies, phishing scams, and not only.
Consumers have lost more than $98 million because of COVID-19 scams since January 2020. However, this number doesn’t include the huge increase in business ID theft caused by COVID-19.
What identity thieves do is to run up unauthorized lines of credit in the names of a small business. In these days of COVID-19, they’re benefiting from the closures and economic uncertainty, as the security world news source KrebsOnSecurity reports.
Moreover, the Federal Trade Commission (FTC) reports that during the period from January to mid-July 2020, consumers have lost over $90 million because of COVID-19-related fraud.
Best High Risk Merchant Account to Avoid Fraud
Business ID theft has risen by 258% since the start of 2020. Partly, this is due to COVID-19. The thing is that thieves are now more often stealing business-related data to unlawfully obtain relief funds and loans.
What about your own business and your consumers? What measure are you taking to protect your consumers from online payment processing fraud?
You can do this without difficulty if you work with a trustworthy credit card processing company in the country. A true merchant processing expert can provide you with fast and easy access to the safest, most advanced and cheapest merchant processing services, including a high risk merchant account.
According to Andrew LaMarca, the global high-risk and fraud team lead at Dun & Bradstreet, the intensity with which cybercriminals are benefiting from COVID-19 uncertainties to target small businesses is troublesome.
To sum up, businesses are faced with more than one type of fraud and scam on a daily basis. Specifically, business ID theft has significantly grown because of COVID-19.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the most secure and cheapest high risk merchant account in the field. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.