This is as the COVID-19 pandemic forced drastic changes in e-commerce and mobile banking ;creating along an entirely new target set for malicious actors to exploit weaknesses in remote corporate networks, merchant e-commerce sites and financial institutions dealing with massive increases in mobile banking transactions.
In simple term, identity theft otherwise known as identity fraud is the misappropriation of another person’s identifying information for financial gains. With the information supplied by victims, the criminals successfully break into the victims’ bank accounts leaving tales of woes and losses.
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