With remote work, e-commerce activity and sophisticated breach capabilities at an all-time high, there is a perfect storm brewing. Identity fraud is not going away anytime soon.
Take a look at nine common types of identity fraud, the warning signs and some identity management advice. This way, you can reduce the risk of falling victim to these scams.
What Is Identity Fraud?
Identity fraud is when someone uses another person’s stolen personal information to deceive other people, businesses or organizations, often for financial gain or criminal goals. The unauthorized use of sensitive details, like credit cards, bank accounts or passports, can cause serious problems for victims. It impacts their finances, credit score, assets and reputation.
According to the Federal Trade Commission (FTC), consumers filed over 2.1 million fraud reports in 2020. The total losses exceeded $3.3 billion — almost double the $1.8 billion lost to fraud in 2019.
As lockdowns led to the closure of brick-and-mortar stores, a boom in e-commerce has brought millions of new shoppers online. That includes many older consumers and people who aren’t as tech-savvy as digital natives. And so, the problem of identity fraud is rapidly growing.
What Is the Difference Between Identity Theft and Identity Fraud?
Identity theft is when a person steals someone else’s personal information, like their credit card, passport or property deeds.
Identity fraud is when a…
