WOULD YOU KNOW IF YOUR COMPANY IS BEING CLONED?
Equifax Portfolio Offers 24-hour Email Alerts Against Fraudsters
As the growing threat of corporate ID fraud hits the media headlines, Equifax, a leading provider of anti-fraud services, is urging businesses to implement a 24-hour electronic monitoring system to protect their company from being cloned.
A common “cloning” fraud involves a fraudster obtaining official documents relating to a company – usually a successful one with a good credit rating - and then registering themselves as a company director of this company. Using further official forms, the fraudster will then change the Registered Office of the innocent company and order goods to be delivered to the new address. Any search made by the supplier of the goods, either with Companies House or any other data provider will show that the innocent company has changed address and that the fraudster is a director of the company. And all this takes place without the knowledge of the innocent company’s officers – until that is, they are tracked down by an angry supplier wanting payment for the goods despatched to what appeared to be a bona fide address and ordered by a bona fide director of the company.
The Equifax Portfolio Monitoring Service can help prevent companies from being caught up in this type of fraud by alerting their Company Secretary and/or Directors via email to any changes in the information held on their company or group of companies. Introduced as an online customer account monitoring service, the Equifax Portfolio Monitoring Service also provides an invaluable fraud protection service for businesses by enabling them to monitor the data held on their own company or group of companies for any sign of attack from fraudsters.
Ian McKinnon, Director of Information Services at Equifax comments, “Corporate identity fraud has become a very real threat for today’s companies, with the theft of company documents and information becoming more common. Once this information has been stolen, fraudsters can use a company’s identity and reputation to open new accounts and move funds around, potentially putting the business at risk.
“By putting their own company details on the Portfolio Monitoring Service, businesses can create a tailor made profile that focuses on changes that may identify the presence of fraudulent activity. A Portfolio Monitor alert will be triggered as new information becomes available to Equifax, highlighting elements such as new accounts being filed, a credit limit change, change of principals or address, CCJ information and insolvency orders. All the information can be viewed on a daily basis and, because time is of the essence, our 24-hour email alert service will inform subscribers of any outstanding account changes.
McKinnon concludes, “It is essential that businesses have the right systems in place to combat the growing threat of fraud. Through the development of our Portfolio Monitoring Service we have provided businesses with a high level of flexibility, ensuring they can use it to monitor their own account as well as their customers’.
