Identity theft is one of Canada's most pressing security issues – and it's growing very fast. According to the Canadian Anti-Fraud Centre, as many as 18,000 Canadians were subject to identity theft in 2010, losing anywhere from a few dollars to their life savings at the hands of tech-savvy scammers.
Identity theft is of special importance in the business world as any corporation in possession of sensitive client information such as credit card or Social Security numbers are optimal targets for identity thieves to attack. And while companies need to take steps to prevent outsiders from accessing and cashing in on confidential information, sometimes the culprits can be found within the business's own infrastructure.
For example, Walter Darnell Austin, an employee of personalized data solutions company Windstream, was recently arrested for using his company's consumer data to purchase thousands of dollars of goods.
According to reports, a citizen reported packages being delivered to an abandoned home in North Carolina. Local police then began observing the location and picked up Austin when he arrived to take two packages from the house.
An investigation revealed that Austin had allegedly been harvesting dated Windstream consumer information to open fraudulent accounts that he used to buy thousands of dollars worth of retail merchandise that he stored in an office in a nearby town, reports state.
While this case of fraud yielded a culprit who can be held liable for the damages, most fraud cases go unsolved. According to Avivah Litan of the Gartner Group research firm, only roughly 1 in 700 identity theft cases are solved. This means that businesses everywhere need to be extremely vigilant about protecting their data, and hiring a certified third party shredding and document destruction service is one of the most surefire methods to definitively protect against the harm identity theft can bring to your business.
While it may seem that occasional shredding practices sufficiently address the problem, a business should consider adopting a regular corporate shredding program in which professionals frequently destroy the confidential information to prevent both internal and external identity thieves from exploiting the business and its customers.
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