Identity theft fraud is on the rise and this is more than often due the carelessness and ignorance of people and hence the improper usage of certain financial services. The ease of conducting financial transactions in the recent times has exposed certain risks to users of such financial services. Users are at times ignorant of the security precautions they need to follow and hence leave themselves to scams.
Most financial transactions may require the user’s critical information to be known, for instance, the password, details like social security number, mother’s maiden name, data of birth, etc. Gaining access to such information and then using this information to impersonate the rightful user and thus conducting financial transactions is what identity theft fraud is all about.