What is Fraud?
Fraud can be defined as “a deliberate act of misrepresentation using falsehood or other fraudulent means to cause another person to suffer financial damages or hardship”. A fraud can involve the theft of your identity or not – sometimes fraudsters are only after your hard earned money and not your identity. A good example of fraud committed without identity theft is the cheque overpayment scam.
Of course, fraud can also involve identity theft. Identity theft occurs when the deceit or dishonesty involves someone else using your personal information to impersonate you. They might:
- Apply for credit in your name.
- Open a cell phone account in your name.
- Make online purchases using your credit card.