There are many forms of crimes that are happening everyday. Some of the criminals get punished but there are also those who get away with it. Despite the many efforts of the authorities to combat different crimes, it seems that criminals still find more effective ways to commit their crimes without being caught.
One of the most serious crimes that are continuously increasing these days is identity theft. Criminals are not only found in public places but also on the internet. A lot of people are now taking advantage of the comfort and convenience brought about by the use of the internet and even financial transactions are now made virtually. This makes it easier for criminals and thieves to steal your personal information.
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People get confused between identity theft and identity fraud and they often find it synonymous to each other. But you see, there is a big difference between the two.
Identity Theft
Identity theft happens when criminals or crooks obtain your personal information like driver’s license, social security or SSN, address, name, maiden name of your mother, and other pieces of important personal information in order to impersonate you. Once these pieces of information are obtained, the crook can assume your identity.
Only two things can happen when a criminal steals your personal information. One is that the criminals can open one or several new accounts under your name. Cases involving this matter are called true accounts identity theft. The second possible thing that criminals can do is to access your existing accounts. This is more commonly called as account takeover.
Identity Fraud
Identity fraud happens when a criminal makes up personal information. The criminal does not steal personal information from a real individual or person. Identity fraud is very much different from identity theft because the perpetrator doesn’t assume a real person’s identity; rather the criminal uses the personal information of a fabricated individual. This serves as their mask in committing fraud and other criminal acts.
Identity theft causes a lot of damage because there are victims. The criminals benefit a lot from the victim’s money and even go to the extent of destroying their credit standing, and at the same time destroying the individual’s future. It will take some time before the victim can get over this tragic crime but with the help of support groups and the authorities, they can survive the times of hardship.
Identity fraud can cause damages as well. By using a fictitious individual’s identity, the crook can make financial transactions to the different banking and credit institutions. Even ordinary individuals can be affected especially if they made a financial deal with the perpetrator.
Both identity theft and identity fraud are serious crimes. People and financial companies or organizations should be very careful when conducting their financial transactions to prevent any form of fraud. Prevention is the best action that you can take.
Don’t trust other people easily because identity theft and identity fraud can happen to anyone. If you don’t want to become a victim of these crimes, exercise all protective measures to keep your personal information safe. Not only that, you should make sure that the other person is using his or her real identity and you can do this by conducting background checks.
Help in preventing identity theft and identity fraud.