Better Business Bureau and Colorado Secretary of State promote security for Colorado business owners

DENVER, August 6, 2015 – The Better Business Bureau and the Colorado Secretary of State’s Office are urging business owners to password protect their records on the Secretary of State’s website. The Colorado Bureau of Investigation recently pointed to an increase in attempted acts of business identity theft.

“We take our role as the gateway to starting a business in Colorado very seriously,” said Secretary of State Wayne Williams. “That includes making sure businesses are safe from identity theft. I encourage all Colorado business owners to avoid costly scams and attempts at business identity theft by signing up for our office’s secure business filing service.”

Business identity theft, also known as corporate or commercial identity theft, is more sophisticated and often more costly than personal identity theft. Criminals assume a business’s identity and good credit history by manipulating business records and credit agency data, then use that identity to get lines of credit with banks or retailers. With these lines of credit, the identity thieves will purchase commercial electronics, home improvement materials, gift cards, and other items that are easily resold.

“Businesses – particularly small businesses - are a desirable and easy target for identity thieves because they don’t need that much information to impersonate a business,” said BBB CEO Kim States. “More often than not the information needed is publicly available for free or legally purchased. The Secretary of State’s proactive stance on this growing problem is admirable.”

To combat this crime, the Secretary of State’s office offers secure business filing, providing business owners with password protection for their business records. Business owners can sign up for secure business filing at the Secretary of State’s website.

The Federal Trade Commission recently released their tips on how to create an advanced password:

• Your password should be long, complex, and unique.
   
• Avoid common words, phrases, or information. Don’t use information available to others like your birthday, phone number, or Social Security number. Attackers often use a dictionary of previously exposed passwords and information gathered from the internet to help them guess a password.
   
• Change passwords quickly if there is a breach. Attackers who steal data from companies often obtain password information. If you receive a notification from a company about a possible breach, change that password and any account that uses a similar password immediately.
   
• Consider a password manager. Most people have trouble keeping track of all their passwords. Consider storing your passwords and security questions in a password manager, an easy-to-access application that allows you store all your valuable password information in one place. Use a strong password to secure the information in your password manager.