Question

A great deal of media attention has been given to the increasingly common occurrence of credit card theft and identity theft. Explain the difference between credit card theft and identity theft. Which do you think is more serious and why? Share any experiences that you or someone you know has had with external security threats, including identity theft.

Answer 1

Answer)
Media attention and also people are paying attention to the threats which are the credit card thefts and the identity thefts. The credit card theft is leaking out the credit card details either virtually or physically using the various method in which the attacker uses another individual's credit card for charging the purchases, withdraw the funds from some account and thus perform actions which are illegal while the customer loses out on money.
The identity theft is another process where the attacker issues an attack and steals the identity of people and thus he can obtain the objects which are in their name or use their names to get one. This is done to obtain financial gains, credit or other benefits which can be in the other person's name. This leads to the original person's loss and thus may be a big consequence and a serious issue. Credit card thefts can be termed as one type of identity theft.
I think identity theft is a more serious issue as that includes the credit card theft also. Also, somebody who steals your identity has got a much bigger chance to access more finance than only your credit card.
Yes, there have been instances and I have experienced these security threats with my friends. Many POS machines have the credit card skimming devices which record the data from the credit card and pin, and then these can be used to buy items and charge the actual credit cards. Thus when someone swipes on them and performs a transaction the card details and data are saved and thus this is a huge security threat.