6 Types of Identity Theft Explained.

Every second, somebody in the world becomes a victim of identity theft without realising it. The society that we live in today is filled with unscrupulous people who want to cause harm to others. So, It is very important for you to be more cautious. Learn more about the various types of identity theft and how to spot the signs when you notice any fraudulent activities in order not to fall prey.

There are six types of Identity Theft:
1. New Account Fraud
2. Account Takeover Fraud
3. Criminal Identity Theft
4. Medical Identity Theft
5. Identity Cloning
6. Commercial Identity Theft

• New Account Fraud : It is a fraud that occurs within the first 90 days of opening an account. The creation of the new account is just for fraudulent activities.

• Account Takeover Fraud : This type of fraud occurs when a criminal gains unauthorized access to your online account, personal information and uses it without your approval for multiple fraudulent transactions.

• Criminal Identity Theft : This happens when another person uses your personal identification number, name or credit card without your permission.

• Medical Identity Theft : This type of theft occurs when a person steals your personal information or lay his/her hands on your medical care card to get medical treatment, drugs and services.

• Identity Cloning : A criminal gets hold of your personal information without your knowledge and becomes you. This can be very damaging to your person and identity.

• Commercial Identity Theft : It is also known as Business Identity Theft. And it occurs when a thief uses an existing business name to carry out transactions. The financial consequences can be very destructive especially for small business enterprises.

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