Identity fraud is the criminal process whereby the personal identifiable information of an individual; his victim, are obtained through fraudulent means by an imposter to impersonate the individual.
The details garnered are used by the imposter to obtain credit loans, buy items off the internet in the individual’s name or the imposter uses it as a means of identification with the security agencies. This leads to several warrants of arrest issued unknown to the unsuspecting individual whose personal information has been stolen.
Identity fraud is also known as identity theft.
In the case of true name theft, the imposter makes use of the stolen personal information of his victim to generate new cellular phone services, open various new check accounts through which he can get blank checks or opens a new credit card account.
With Account takeover, the fraudster uses the stolen information of his victim to make use of the existing bank accounts of his victim for his expenses. All it takes in this age of the internet is for the fraudster to change the address through which the victim’s bank send emails about bank transactions done. This type of fraud is made all the easier as transactions can be done without coming in personal contact with banking staff.
Examples of identity fraud