Commercial identity theft

Commercial identity theft

Commercial identity theft is growing. Find out how major banks such as Citi Bank can prevent bad guys from accessing your money and credit accounts.

ID theft ultimately reduces to commercial fraud based on unauthorized persons' access and mis-use of private and confidential data. Commercial identity theft Citibank reflects efforts by the bank to both identify and then prosecute persons attempting to commandeer client accounts. Where commercial identity theft Citi occurs, it reflects a failure to establish firewall and account authorization mechanisms by the bank and credit industry, government as well as law enforcement. With commercial ID theft, bad guys expropriate victims' credit and personal data and then rapidly move into investment fraud where they complete the bulk of their actions before detection occurs. The bad guys understand all too well that commercial identity theft may provide them with weeks or even months in order to execute their multi-level fraud.

Crime incidence rates show that bank citi commercial identity theft occurs when the bad guys open an average of six new and fraudulent accounts, utilizing victims' personal data. In some cases, bank citi commercial identity theft may result in over thirty fraudulent accounts being opened. The costs and liabilities associated with Citi commercial identity theft are staggering. At the national level, businesses lose nearly $48 billion annually to commercial identity theft. Meanwhile, victims lose nearly $5 billion annually, reflecting identity theft losses averaging $18,000 per person per annum, with an upper value of over $200,000.

Commercial identity theft tv victims "discover" their problem in four basic ways. The most prudent and disciplined commercial identity theft tv victims monitor their accounts daily, accordingly can virtually instantly recognize anomalies in account activity data. Most other commercial ID theft tv victims find out by more compromising means, as for example when they receive a credit request rejection due to "failure to pay or exhausting present credit limits". Similarly, commercial identity theft victims will suddenly receive demand payment notification from a credit issuer for goods and services never bought. Commercial identity theft victims also discover the fraud when unsuspecting "loan payment" demand letters arrive concerning loan accounts unknown to the victim. The last commercial identity theft category concerns negative credit bureau reports and the sudden appearance of aggressive debt collection agencies, detailing excess credit and failure to pay, all attributable to the bad guys, however requiring that the victim sorts out the mess.

Discovering Citibank commercial identity theft is not as simple as bank customers might expect. A typical Citibank identity theft victim leads a busy life, and where professional fraudsters carefully execute their plan, does not discover the Citibank identity theft and account plundering on average for 14 months. In many Citibank commercial identity theft cases, the victims have no idea how the identity theft occurred. In nearly half of all Citi commercial identity theft cases, the victim can spot the "cause" or source, yet cannot identify the thief.

Victims of commercial identity theft generally frustrate over the difficulty in dealing with credit bureaus which remain difficult to contact in terms of "live personnel" and remedial actions to correct the matter. Worse for Citi commercial identity theft victims is the pattern of apathy prevailing at certain credit bureaus, where victims' accounts are not set aside, removed or ear-marked as security-risk. Regrettably, significant numbers of Citibank commercial identity theft victims report that, following detailed notice to the credit bureau, fraud in the victim's account continued unabated.

In order to further research commercial ID theft, please continue to utilize this site's resources. Meanwhile, for general public information on identity theft issues and strategies, please link to Privacy Rights or Identity Theft Resource Center

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