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Identity Theft: What It Is, How to Spot It, and What You Can Do About It

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Running a business is stressful enough without having to worry about someone stealing your identity. But it’s more common than you might think, and it can have a serious impact on your finances, credit rating and peace of mind.

So, what is identity theft, and how can you protect yourself and your business?

What is Identity Theft?

Identity theft happens when someone uses your personal or financial information without your permission, usually to commit fraud. That might mean applying for credit in your name, accessing your bank accounts or even registering a new business using your details.

And it’s not just big businesses that get hit. Small business owners, especially around Peterborough, are often targeted because fraudsters assume they won’t have the same level of security in place.

How Do You Know if You’ve Been a Victim?

There are a few tell-tale signs:

  • You notice transactions on your accounts that you don’t recognise.
  • You receive letters or bills for things you haven’t bought.
  • You get a call about a loan or credit application you never made.
  • Your credit score suddenly drops for no reason.

Tools like ClearScore can help you spot suspicious activity early. They provide free access to your credit report so you can keep an eye on any new credit checks or accounts in your name.

What Should You Do if You Suspect Identity Theft?

  1. Act fast. Contact your bank or credit card provider immediately to report the issue.
  2. Report it. Head to Action Fraud (the UK’s national fraud reporting centre) and file a report.
  3. Check your credit report. Use ClearScore or another credit checking service to see if anything else has been opened in your name.
  4. Tell your accountant. They can help you put safeguards in place and support you if HMRC or suppliers are affected.
  5. Let your team know. If you think your business systems have been compromised, make your team aware so they can be extra vigilant too.

How Can You Protect Yourself?

  • Use strong, unique passwords and change them regularly.
  • Don’t share personal details or business information over email unless it’s encrypted.
  • Set up alerts on your bank and credit accounts.
  • Check your credit report at least once a month.
  • Invest in good-quality cybersecurity software for both you and your team.

Final Thought

Identity theft can feel scary. But being aware of the risks and having a plan in place can help protect both your personal and business finances.

If you’d like help checking your current systems or talking through a plan to stay secure, give us a call on 01733371180. The GreenStones team are always here to help.

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