Business identity theft is increasing posing a problem for a company’s bottom line reputation and customer trust.
In 2024, over one-third of online merchants experienced business identity theft.
Business identity theft is far more complex than consumer identity theft. It often involves grand scale financial fraud, tax evasion and supply chain manipulation.
Business identity theft carries heavy financial consequences, from direct losses to the costs of recovering stolen funds.
The fallout from business identity theft goes beyond financial loss. When fraud occurs, it can shake the confidence of customers, partners and suppliers, undermining trust in the business.
Businesses must strike a delicate balance between enhancing security and maintaining a smooth customer experience.
Fighting fraud requires a lot of work. Given the complexity of identity theft and the increasingly sophisticated tactics used by criminals, businesses can benefit from partnering with external fraud prevention experts.
To ensure end-of-year sales are safeguarded during the busy holiday season, companies must recognize business identity theft is present, complex and can have long-standing impacts on customer trust and public reputation.
By offering seamless, consistent and financially secure experiences, businesses can boost buyer loyalty and order values for the holidays and beyond.
Leveraging partners with fraud prevention tools and expertise can also help quickly combat suspicious transactions, while allowing business leaders to focus on driving revenue and meeting buyer payment preferences.