Fraud Management & Cybercrime , ID Fraud , Video

How to Spot the Latest Tactics in Business ID Scams

ITRC Official Discusses Increase in ID Theft, Tax Fraud, Fake Invoicing and More
Eva Velasquez, CEO, Identity Theft Resource Center

Why is business identity theft increasing, and what are the latest tactics fraudsters are using to scam businesses and gig workers?

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Eva Velasquez, CEO at the Identity Theft Resource Center, says the bar to entry for cybercriminals is much lower and in many cases just requires one successful phishing email to steal money. Even worse, it's difficult for businesses, sole proprietor entrepreneurs and gig workers to spot identity fraud.

"They may be focusing on protecting their employee data, which is great," she says, "but they do not necessarily check with various filing agencies where they have registered their EIN numbers. They are not necessarily checking with their secretary of state to see if any changes have been made."

Government agencies can help by doing a better job of providing training, cybersecurity best practices and enforcement to prevent lax procedures at businesses because "businesses are incentivized by their bottom line," she says.

In this video interview with Information Security Media Group, Velasquez discusses:

  • Tried-and-true and emerging tactics of fraudsters, including tax filing scams, fake invoices, bogus loans and more;
  • The differences between business ID theft and customer ID theft;
  • Why it's important to have the right processes in place and to train employees to detect fraud and phishing.

Velasquez previously served as the vice president of operations for the San Diego Better Business Bureau and spent 21 years at the San Diego District Attorney's Office. She is a recipient of the National Crime Victim Service Award from the U.S. Department of Justice’s Office for Victims of Crime and the Florence Kelley Consumer Leadership Award from the National Consumers League.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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