Merchants Information Solutions
Merchants Information Solutions has your ID covered
Should Valley entrepreneurs be more concerned about identity theft than those elsewhere?
Russ Johnson (right), president and CEO of Merchants Information Solutions, Inc., says the answer is yes.
“Arizona has the unenviable position of being number one in the nation in identity theft for at least five years in a row, according to the Federal Trade Commission,” says the head of the Phoenix-based company that provides identity theft and background screening services. “And small businesses with 100 employees or fewer appear to be most vulnerable to business ID theft.”
Identity theft can take a heavy financial toll, with $200,000 as the median fraud loss suffered by organizations with fewer than 100 people, according to the Association of Certified Fraud Examiners.
And who are the typical identity thieves? Not cyber hackers, Johnson says, but the “insider threat” from current and former employees, clients and vendors—people who have access to your valued and sensitive information.
Merchants Information Solutions has teamed up with NXG Strategies, LLC, to provide an innovative new fix for the problem. The new service, called IDSafeBiz, responds to fraud in which a company’s name, address, tax identification number, bank accounts, credit cards and other identifying information are used without the business principals’ knowledge or consent. IDSafeBiz provides fully-managed restoration services for a business victim of ID theft or fraud, response services following a data breach, and identity theft recovery for principals, owners and titled officers.
“It’s not a question of if, but when will a small business experience an Positive ID: Merchants Information ID theft, fraud or data breach event,” Johnson warns.
– Written by Lori K. Baker. This story originally appeared in the April 2010 issue of IMPACT Magazine.
Merchants Information Solutions, Inc.