What’s the Difference Between Identity Fraud and Identity Theft?

 Being a victim of identity theft and identity fraud is not something new. Knowing the difference between the two is unique. As everyone doesn’t understand the thin line difference between them that makes them apart.

Identity theft?
Identity theft is the illegal act of taking someone else's personal, financial, or other information with the intention of utilizing it to pass as that person. The most common uses of an identity that has been stolen are to conduct fraudulent transactions or to open bank and credit card accounts. A phony identity can also affect tax returns, healthcare claims, and even criminal records. There are a few crucial items that you should always keep safe and be cautious of revealing, even if many different types of information can be stolen and used by identity thieves: Name, address, bank account, and many more such things.
There are several methods by that thieves can get your information or take your identity. Occasionally, all it takes is a wallet that has been taken. Your ID, credit cards, bank cards, and other information are frequently accessible to thieves with this. Criminals can utilize a range of personal data from a misplaced smartphone. Theft from homes, computer hacking, risky internet connections, and illegal online transactions are some other tactics. The greatest approach to safeguarding yourself against identity theft is to safeguard your personal information.
Identity fault?
Identity fraud is the use of stolen information, whereas identity theft is the act of stealing personal, financial, or private information. Both the people whose identities have been stolen and the businesses that have been the target of fraudulent transactions are impacted by this crime. In addition, the phony identity employed doesn't have to be of a real or even existing person. To perpetuate a crime, thieves frequently adopt the persona of the recently deceased or make up the identities of persons who have never existed. Here are some instances of identity fraud: fake id cards, fake bank accounts, fake criminal records, etc.
Identity theft can have a long-term effect on your credit score once it has happened. The accounts and charges that fraudsters construct on your credit record can still be there and be your responsibility up until they are disputed. Regularly reviewing your credit report is an excellent strategy to guard against identity theft. Look for any accounts or bills that you are not familiar with, and then notify the company or credit bureau right once that your identity may have been compromised. You are more likely to be able to defend yourself against identity fraud the more watchful you are.
Difference between them.
As you can see, there are significant differences between the two types of crimes. The person whose personal information was stolen, as well as the retailers, utilities, and/or other businesses that the perpetrator conned, are all victims of identity theft. The fictitious person is not a victim of identity fraud; instead, victims include lenders, credit card companies, retailers, and/or other businesses. Overall, since retailers, energy providers, credit card issuers, and other organizations must include the costs of identity fraud as part of their operating expenses in their prices, rates, and other charges, we are all indirect victims of identity fraud.
Conclusion
If you want to protect your device, you must consider antivirus software. K7 antivirus is one of the best software that can protect your device from all malware and cyber threats. If you want to be safe then get in touch with us. Contact us now.

Comments

Post a Comment

Popular posts from this blog

AMOS (MacOS Stealer)

  In the last week of April 2023, it was reported on twitter , that through a telegram channel a new malware was being offered as “Atomic MacOS Stealer”. Many samples of this malware were found on the internet. Figure 1 – Atomic MacOS Stealer Most of these samples were masquerading as an installer of various applications like Tor browser, Photoshop CC, Notion, FL studio. Figure 2 – Amos DMGfiles masquerading as different applications These are delivered as a DMGfile(Disk Image) which is the common format for software distribution & installation packages on macOS. We identified the Tor browser DMG file for the analysis. When we execute the DMG file it gets mounted and we can see the resulting window advises the user to execute the application by right clicking. Figure 3 – Tor Browser These fake applications are created by using Appify , which is used to create applications just by having the executable alone. The icons can be customised. That’s why these applications are in dif...
Read more

Ransomed by Warlock Dark Army “OFFICIALS”

  Recently we came across a tweet shared by petikvx . The tweet was on a ransomware family that had the group name similar to the WARLOCK DARK ARMY. The similarities with Chaos ransomware seem to end with the attacker group’s name. Upon analyzing the ransomware from the tweet we suspect both to be very different groups just based on their malware’s attributes. The sample under consideration was compiled using C/C++, in case of Chaos ransomware it is usually .Net. Statically looking at the file we noticed a resource entry under Bitmap with an identifier “14”, while analyzing the file code we noticed that this resource was read and loaded on to the memory. Hence we decided to dump that resource entry. Figure 1: Encrypted blob in resource section Figure 2 : Loading blob into the memory During our code analysis we found this blob was XOR encrypted. The first 16 bytes of this blob acts as the key for XOR decryption and the rest is the data which plays a key role in this ransomware’s in...
Read more

MuddyWater Back with DarkBit

  Recently, we came across a tweet about DarkBit ransomware. An Iranian APT group, named MuddyWater, is reportedly behind the DarkBit ransomware. In this blog we will explore the ransomware’s initial access method, the use of Cobalt Strike and the final ransomware payload. Initial Access Method The initial lure was delivered as an ISO file. Figure 1 – ISOFile The payload included a shortcut file (with a .doc extension) and a zip file. Figure 2 – Contents Inside ISO File The shortcut was using PrintBrm.exe to unpack the HR-Update.zip and run it as shown below. PrintBrm.exe is a windows inbuilt command line tool . Figure 3 – Shortcut File cmd.exe /c xcopy .\HR-Update.zip %TEMP% /h /y && PrintBrm.exe -r -f %TEMP%\HR-Update.zip -d %TEMP%\unzip & %TEMP%\unzip\HR-Update.exe Figure 4 – HR-Update.exe Running HR-Update.exe was a Cobalt Strike beacon. Cobalt Strike, a penetration testing tool, can also be used by attackers for gaining a foothold in the system. The final ran...
Read more