what is existing account fraud?

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The most recognized type of identity theft is “existing account” fraud. This type of identity fraud occurs when an identity thief misuses an existing credit, debit, bank, credit union, trading, retirement or other account of a victim. When the misused account involves a financial account, the crime is financial fraud punishable under various laws. Other types of accounts that can be misused include telephone and email accounts. Existing account fraud is easy for journalists to understand and to describe in a few words and easy forconsumers to understand. Consequently, it is frequently reported. The excessive reporting on existing account fraud is unfortunate because existing account fraud is what most people know to be identity theft, even though it may be the least harmful and the easiest to correct. Consequently, some consumers believe that if you do not have financial accounts, you are safe from becoming a victim of identity theft. You can become a victim of identity theft even when