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Credit card fraud and identity theft can be considered similar to each other. However, in deeper analysis, they deviate from the similarities. Credit card fraud is a more limited idea, while identity theft is broad. In addition, it can be said that credit card fraud is a medium of identity theft.
Hence, to know about what these frauds are, the difference between credit card fraud and identity theft, and more, keep reading this piece.
Credit card fraud happens when a defrauder uses your credit card information to make unauthorised purchases. In this type of fraud, scammers tamper with login details and get access to your bank account. The unlawful practices that they use to scam your credit card are as follows -
Identity theft refers to stealing others' personal information, such as bank details or any other identity, to harm people. Identity theft can be of many types, such as -
The below table provides information on the differences between identity theft and credit card fraud.
|
Parameter |
Credit Card Fraud |
Identity Theft |
|
Nature |
Credit card fraud is related to monetary transactions. |
Identity theft is related to stealing any kind of identity. |
|
Awareness |
This type of fraud can be caught right after it happens. |
You may not be aware of identity theft as soon as someone does it. |
|
Time it Takes Place |
Credit card fraud primarily occurs at the time of purchasing. |
Identity theft can occur at any time or place. |
|
Area of Fraud |
Credit card fraud is mostly related to technical issues. |
Identity theft, on the other hand, does not only depend on technical mishaps. |
|
Requirement to Carry Fraud |
Credit card theft happens by tricking you through phone calls or asking for OTP therefore, you can get at least a slight idea about the coming disaster. |
Identity theft can happen completely without any idea of the victim, and can be found after a long time after the incident. |
|
Source of Fraud |
Credit card fraud is limited to a single source, that is the tampered or stolen credit card. |
The source of identity theft can be anything, like, ID proof, birth date, bank account details, social media account and many more. |
|
Financial Lookout |
Credit card fraud leads to fraudulent charges. |
Identity theft can cause more serious issues than financial damage. |
As the above discussion has brought out the main ideas of credit card fraud vs identity theft, you should be aware of some tips to prevent both. These are as follows,
Therefore, consider this guide on the difference between credit card fraud and identity theft to avoid further complications regarding both issues. The discussion has brought out that credit card fraud can be a potential means of identity theft. Therefore, you should protect your credit card information effectively and reduce the chances of identity theft.
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