Corb7 Blog

A good friend recently related to me that someone had tried to hijack his corporation for fraudulent gain.  Fortunately, it was caught before any funds were lost but others have not been so lucky. Frankly, I had never heard of this type of scam and thought it worthwhile to bring to the attention of our readership. Far removed from the type of hijacking portrayed in the movie “Captain Phillips,” this is a real threat to small business owners.  It is essentially when a fraudster targets a company, re-domiciles or hijacks the company to a new location via corporate filings, and then attempts to open false lines of credit or clean-out existing bank accounts.  This all can happen without the real owners of the company realizing until it is too late.

Corporate Hijacking Definition: “Changing, replacing or amending company records such as directors’ company addresses or auditors by a third party totally unrelated and unknown to the current officers.  In such instances, access to the victim’s records is obtained illegally and without having legal access to the customer code or password of the company in question.”

It is unfortunate but identity theft is no longer only just a consumer or retail crime. Manuals teaching one how to carry out corporate ID theft can be easily found on the internet. Thieves have learned that businesses also have identities that can be stolen and unsuspecting businesses can be very easy targets. To criminals, business identity theft means the potential for easy money.  One solution to stop hijacking would be for business owners to consider using jurisdictions that protect corporate filings with a password. This simple step may be the easiest and most effective method to discourage thieves.  We hope you found this short notice to be of assistance.

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