Final answer:
Identity theft, or True-name Fraud, involves the unauthorized use of someone's personal information. It is a crime to fraudulently use a credit card number or credit card to obtain money, goods, or services. Usury laws and consumer concerns about credit card fees are relevant to the discussion of financial market regulations.
Step-by-step explanation:
Identity theft, often referred to as 'True-name Fraud,' is a serious crime that involves unauthorized acquisition and use of someone's personal information to steal their identity. When an individual, with intent to defraud, uses a credit card number or a credit card obtained illegally to obtain money, goods, or services, they are violating laws such as 18.2-192. This kind of theft can result in significant financial damage, as thieves may deplete savings accounts or accumulate substantial debts in the victim's name. These debts can include charges for high-cost items like automobiles, boats, and jewelry.
To safeguard against identity theft, individuals should only provide the minimum necessary information to sources, inquire why data is being collected, how it will be utilized, and who will have access to it. Monitoring one's credit history is also imperative to catch any red flags indicating potential identity compromise. Credit essentially means obtaining goods and services with the promise to pay in the future, implying an assumption of debt.
Understanding credit usage patterns, such as the commonality of credit cards offering rewards like air travel miles and the implications of late payment fees, can aid in managing personal finance. Furthermore, discussions around usury laws and price ceilings in financial markets underscore consumer concerns about high interest rates and fees levied by credit card companies, which argue the necessity of such charges to offset losses from delinquencies.