Protecting your company from corporate identity theft

What's corporate identity theft?

Corporate identity theft involves fraudsters stealing information about a business and using it for their own financial gain. Criminals may hijack a company by fraudulently changing the name or details of the company’s directors or registered office address, which leaves the business vulnerable to a further fraud such as the illegal purchase of goods or taking out loans. Companies House reportedly deal with up to 100 cases of corporate identity theft every single month.

What does it mean for your business if it falls victim to corporate identity theft? 

The consequences of corporate identity theft can affect the business standing. There can be drops in credit scores and directors or shareholders can be subject to personal identity theft and left vulnerable to further fraud. It can also cause reputational damage to your business if you are a victim of this type of fraud.

What can you do to prevent corporate identity theft?  

Companies House offer a free service called the ‘Protected Online Filing (PROOF)’ scheme, which aims to protect companies from the threat of fraudsters and corporate identity theft. More information on how to sign up to the scheme can be found here.

How does the PROOF scheme work?

Companies House currently accept documents filed in “good faith”, and don’t verify any signatures. PROOF ensures that the following filings at Companies House can only be submitted online using an authorisation code known only by your company and its advisors. This means that the PROOF scheme protects your company from unauthorised changes to your records.

• Change of registered office address
• Change of company name
• Officer appointments or terminations or change of personal details

Are you eligible for the PROOF scheme?

Only companies and limited liability partnerships incorporated in the UK are eligible to participate in the PROOF scheme.

For more information on the above, or advice on how to opt for the PROOF scheme, please fill out the form below, or get in touch with Sara Shrouti from our Company Secretarial team.