What is "business" or "commercial identity theft"?

What is "business" or "commercial identity theft"?

Robert Siciliano (Identity Theft Expert and CEO) gives expert video advice on: What kinds of information do identity thieves typically steal from businesses and how do they use it? and more...

Business and commercial identity theft, usually occurs when someone actually goes ahead and opens up fictitious businesses under your name. And what they're going to first to do is get merchant status under your name. Merchant status means the ability to accept Visa, MasterCard, and American Express. Once they're able to accept credit cards under your name, they'll go ahead and rack up as much credit card fraud as possible and then they just simply walk away and don't pay the bills. They'll also get loans under that fictitious business' name, they'll get credit with other vendors under that business' name, and they'll max that credit to the limit and then they'll just skip, and you're the one left holding the bill.