In research conducted for National Identity Fraud Prevention Week this month, Equifax revealed a lack of awareness, among business owners, regarding some of the most prevalent types of corporate fraud. In response to this trend, Equifax is launching an updated version of its Corporate Identity Fraud Guide, offering businesses expert help and advice on understanding and tackling the risks.

The 16-page guide outlines the different kinds of fraud and the challenges they present to businesses. The clear and concise booklet includes a 12-step guide to reducing the risk of corporate and identity theft, offering simple tips that can be adopted straight away, with no investment. In addition, businesses can find advice on the best tools to help protect themselves and close the net on fraud.

Our survey of UK small businesses, earlier this year, shows that although companies are aware of financial fraud, there seems to be a reduced perception of the risks of online and company identity fraud, explains Neil Munroe, External Affairs Director, Equifax. When asked to rate different kinds of fraud by risk, the least sophisticated ones scored lowest with corporate identity fraud seen as the least risk. Added to this 50% of those we surveyed did not do a regular check of their own business credit report.

It is worrying to see corporate identity fraud, a relatively simple form of fraud, slip under the radar of business owners, when really it is one that may need the greatest level of monitoring. All forms of fraud present a very real threat to businesses, resulting in lost profits, lost reputation and the risk of bankruptcy. Our fraud guide has been compiled by the Commercial Fraud team at Equifax and offers valuable advice for businesses to make sure they are up-to-date on the latest threats.