Identity fraud is when someone uses stolen or fraudulent information to steal or commit fraud.On the other hand, when someone uses another person’s identifying information to pretend to be them in financial, legal, or administrative transactions, it is known as identity theft.While identity theft typically involves creating new accounts or credit lines using stolen information, identity fraud typically involves abusing an existing account or credential. Account takeover, credit and debit card fraud, online shopping fraud, and employment fraud are examples of common identity theft and fraud.In account takeover fraud, cyber criminals gain control of bank accounts, credit cards, email addresses, and social media accounts using stolen personal information such account numbers, usernames, or passwords.Fruadsters use stolen account information to make unauthorized purchases or take money out of users account when they commit debit and credit card fruad.When someone obtains users personal information from their emails and uses it to commit fraud, it’s known as mail identity theft.Online shopping fraud happens when fruadsters create faje websites that appear authentic or install fake advertisements on legitimate websites.
