Company record updates to combat corporate ID theft

ICC, working with other Credit Reference Agencies and The London Metropolitan Police, are now providing information around suspected fraudulent activity on a company record. Recent estimates from Companies House indicate that corporate ID theft could be costing British businesses as much as £50m per annum. The Metropolitan Police believe the figure could be much higher, with an average loss to victims of £2m.

Examples of fraudulent activity include:

1. Changing a company’s address, then ordering goods to arrive at that address without the company knowing. The company get the bill, the fraudsters get the goods.
2. Adding or hijacking a person’s identity to get credit.
3. Filing substantial financials to a company that has been dormant for years in order to secure credit or loans.

ICC receives weekly updates of known discrepancies from the Metropolitan Police. Companies involved are aware of these updates. In fact, in some cases, they are the reporters of suspected fraudulent activity.

How we report the information
On a company report with filing history you will see a date and description as follows:

ICC does not amend the score and limit for the company as it is not our intention to stop normal trade between trade creditors and these businesses.