Corporate identity theft is on the rise and has increased three-fold in the past month, experts say.
Manta Finance says major high street banks are now setting up teams to combat the problem, which could cost millions of pounds.
Manta say fraudsters are contacting Companies House to register a change in company address, thereby redirecting mail to a new address of their choosing.
The crooks then apply for credit with the aim of moving on or changing the address back to the original once the credit agreement is signed and funds have been received.
This leads the creditor to chase the unwitting company for payment to fulfil the contract.
However, by this stage, it can be extremely difficult to prove that either the finance or the goods have not been received and the creditor may take the issue to court.
Manta Finance says that it has blocked more than ten such attempted cases of fraud in the last month.
Steve Haskew, managing director of Manta Finance, said: “Corporate identity theft is a problem which appears to be growing because more and more instances are clearly getting through the net.
“However, whilst the individuals attempting the fraud appear to have some knowledge of the finance industry and are targeting brokers in particular, their adherence to the same methodology provides a number of indicators for financial professionals to follow up.
"Firstly any business which applies for credit that has moved premises very recently should be investigated in greater detail.
“Also, many of the cases appear to want to purchase high value IT or consumer technology items, such as plasma screen televisions or laptops. And, finally, typically the value of the finance required is just over £25,000.”
© Crimson Business Ltd 2006