Final answer:
While customer impersonation, often involving identity theft is related to financial fraud such as bust out fraud, they differ in their specific tactics; customer impersonation uses stolen identity details for various fraudulent activities, while bust out fraud specifically involves the intentional maxing out of credit lines without repayment.
Step-by-step explanation:
Customer impersonation and bust out fraud are both forms of financial fraud, but they are not identical. Customer impersonation involves unlawfully acquiring and utilizing a person's personal information without consent, commonly referred to as identity theft or true-name fraud. This could lead to drained bank accounts and substantial credit card debts as fraudsters make large purchases. Bust out fraud, on the other hand, involves a more specific scenario where fraudsters max out a credit line with no intention of paying it back. Both fraudulent activities harm individuals and jeopardize the trust in financial institutions. So, the statement 'customer impersonation is similar to bust out fraud' is partially true as they share similarities in deceitful intent and financial damage but differ in tactics and scope.