Identity Theft is a type of fraud.
ID theft can involve stealing money or someone pretending to be someone else to gain benefits by fraudulently using the stolen identity. Having your identity stolen can be an extreme hassle and both financially and emotionally devastating.
Identity theft can occur in many ways, from somebody skimming your RFID enabled credit card details illegally to having your entire identity assumed by another person to open bank accounts, take out loans and conducting illegal business under your name.