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ID Fraud vs ID Theft
Identity Fraud versus Identity Theft
Identity theft and identity fraud are described as crimes affecting those people who shop, communicate, or do business online. However, while thieves can obtain personal information via online methods, the majority of identity theft and identity fraud occurs offline. Stealing wallets and purses, intercepting or re-routing mail, and searching through garbage are some of the common tactics that thieves use to obtain personal information.
Identity fraud which consists mainly of someone making unauthorized charges on your credit card is usually limited to an isolated attempt to steal money from an existing account.
Identity theft, is more extensive than identity fraud, and happens when a thief uses stolen personal information, such as a bank account number, to open accounts or initiate several transactions in your name assuming your identity as their own. This may cause financial loss or damaged credit.
In general the difference between identity fraud and identity theft doesn't really matter. Many of the steps you can take to protect yourself from simple fraud will also protect you from full-fledged identity theft.
At FGB we are committed to your account safety, however, the best way to protect yourself is through being educated on the issue. If you want to learn how to protect yourself, keep reading.