Company identity theft is growing at an alarming rate and presenting an increasingly serious threat to companies, warns Vantis, a leading accountancy, tax and business advisory group.
Vantis client partner, Peter Musgrave, issued the warning to local companies after two Vantis clients elsewhere in the country fell victims to fraudsters who stole their identities and traded under their names.
Fraudsters operate by submitting false forms to Companies House to change directors and the company’s registered address. Because Companies House cannot verify signatures, the forms are automatically accepted. This enables the fraudsters to trade using the company name, obtain goods on its credit rating and syphon off its assets. They then disappear, leaving the company to face the resulting problems.
Peter said, "The signs are that this is a fast-emerging new form of fraud, yet most companies still assume that it will never happen to them. There are simple, inexpensive ways of protecting your company and, given the consequence of thieves being at liberty to cash in on your credit rating, it makes sense to talk to your adviser about the kind of protection you need."
For further information, please contact Peter Musgrave.