Corporate identity theft costs UK business millions

Corporate identity theft is costing UK businesses up to £50m a year, new research claims.

Increasing numbers of criminals are posing as company directors and ripping off suppliers by ordering goods they never pay for before selling them on for profit.

The fraudsters register their details at Companies House to make them seem legitimate, according to the report by business advisory group Vantis.

One common tactic involves the fraudsters conning staff at Companies House to change a registered company address. Goods are then delivered to the premises where they are then stolen.

“It is an ever present problem and one that is being taken increasingly seriously,” said Jonathan Hoffman, a partner at Vantis.

He said smaller firms were just as vulnerable as larger ones.

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