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Well, there are distinctive differences in how credit card fraud and identity theft are perpetrated, how badly they affect victims & what the recovery process looks like.
Generally, credit card fraud happens when a thief takes the information of your credit card and utilizes it to make authorized transactions against your credit card. On the contrary, identity theft occur when a thief utilizes your personal information to assume for an identity for single or multiple purposes. Let’s dig a little deeper into each of these crimes in order to get a better understanding of what is at stake for credit cards users.
Credit card fraud usually occurs when a thief takes the information of your credit card and utilizes it to make unauthorized transactions. It is a form of identity theft but usually, it only affects a single or more of the victim’s active credit card accounts.
Thieves can do credit card fraud by:
Identity theft is the criminal act of stealing personal or financial information with the intention of utilizing it to assume another person’s identity. Generally, the stolen identity is utilized to make fraudulent transactions or to open bank accounts or credit cards. In addition to this, a false identity can significantly affect medical care claims and criminal records also. While your personal or financial information can be stolen and utilized by identity thieves, there are some important things that you should always keep confidential and beware of sharing such as your name, birth date, address, passwords, credit card numbers, bank account details, etc.
Identity theft happens when a thief manages to access personal information like name, address, birth date, social security numbers, medical insurance policy, bank account details to assume your identity. Moreover, identity thieves can steal your personal information in various ways which include:
And if identity thieves become successful in accessing your right personal information, then they can get credit under your name, open bank accounts or get access to medical services.
Credit card fraud is an identity theft’s consequence. In the credit card fraud, a thief takes the information of your credit card and utilizes it for unauthorized transactions. However, the majority of the banks and credit card issuers have set certain liability limits. That simply means that even if a thief has charged thousands of dirhams to your credit card, you would likely only have to pay up to that liability limit. More often than not, banks simply waive off any charges which are an outcome of fraud.
On the contrary, the identity thief includes a lot more things than some fraudulent charges. Identity thieves can take your personal or financial information & they can open a wide range of credit, new credit cards or might get a false ID in your name. Dissimilar to credit card fraud, there is no liability limit. That simply means that you might end up paying for all the damages which are caused by an identity thief. Thus, identity fraud can have a long-lasting impact on your credit history.
So, always try to keep your personal information safe and keep on checking your credit score regularly. Doing this will help you from becoming a victim of credit card fraud and identity fraud.