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Identity fraud expert explains the criminals' tricks
Jul 2 2009, 11:54 AM
Identity fraud comes in all shapes and guises but according to an expert, the main two types are account takeover and new account fraud.
New account fraud occurs when an identity fraudster gets hold of someone else's identity verification details and uses them to open a new bank account, obtain credit and other such criminal activity.
This form of identity theft is common but also particularly frequent is account takeover fraud, writes Robert Siciliano for examiner.com.
Account takeover fraud occurs when an identity fraudsters gains access to an individual's credit or debit card details and takes money from their account.
Mr Siciliano advises that consumers regularly check their account and immediately contact their bank or credit card provider if they suspect there are any irregularities in their financial transactions.
A study by consumer magazine Which? has found that one in five victims of identity fraud are not reimbursed by their back or provider.
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