Identity Theft Techniques that Might Affect Your Business In 2020

There are probably a lot of other things that you are thinking about when it comes to the new year other than the security of your company, but this is something that should not be neglected. Here are a few things that you should watch out for in 2020 as a business owner.

Apps that collect and share data.

There are so many apps that collect information on the user’s patterns and the information that the user inputs. This can affect your business because you can never truly be certain what types of information the app is collecting and at what times. This information can be sold to other companies that might exploit the information that they collect. The fact is that the only thing that you can do is restrict the apps that you authorize your employees have on their devices to only those that are necessary.


Phishing is a common technique used by hackers to gain access to accounts for financial gain. A new term that has been coined is whaling. This is phishing but instead of going for the average person as the target, the hacker here is going after someone of stature from whom they can extract more value, like a bank executive. Whaling can happen to businesses, too. If your company collects sensitive information on your clients, your firm may be considered a whale and you can fall victim to this technique. What you can do is teach your employees about the risk of phishing and whaling, the warning signs of these techniques, and what to do when they receive an email that looks just a little bit off.

Stolen passwords.

By now, every person’s most commonly used password has been stolen in at least one data breach. This sad state of affairs can put your company at risk of having a data breach too, because if your employee uses a password at work that has been exposed, the hacker then has the ability to access your business network. Remember, it’s essential to have employees change all of their passwords on a regular basis, we recommend quarterly, to prevent such an avoidable mistake.

IRS tax fraud. 

As we close the year, your business will start file the firm’s tax returns and providing your employees with their reportable tax information. Unfortunately, one of the most detrimental types of identity theft can easily strike your employees, IRS tax fraud. Always take good care of the W-2s and 1099-MISCs that you prepare for your employees and contractors, and never send those electronically. Doing so can make the tax form more susceptible to being stolen.

Start the new year with care by understanding the risks to your business. Accept that there is nothing that you can do to fully prevent identity theft or data breach, but take the necessary steps to minimize the risk for you and your employees. Happy new year from all of us at LibertyID!

LibertyID is the leader in identity theft restoration, having restored the identities of tens of thousands of individuals without fail. If you retain personal information on your customers, now it is the time to get data breach planning and a response program in place with our LibertyID for Small Business data breach preparation program. With LibertyID Enterprise you can now add value to existing products, services, or relationships by covering your customers, employees, or members with LibertyID’s fully managed identity theft restoration service—at a fraction of our retail price—with no enrollment and no file sharing. We have no direct communication with your group members–until they need us.

Call us now for a no obligation proposal at 844-411-LIBERTY (844-411-5423).