Final answer:
Theft of money, goods, or services from a position of trust is known as embezzlement. It involves someone who has access to funds illegally taking them for their own use. Identity theft is also a financial crime but it involves stealing personal identification to commit fraud.
Step-by-step explanation:
Theft of money, goods, or services from a position of trust is commonly referred to as embezzlement. Embezzlement is a type of financial fraud where a person, often someone who is responsible for handling the funds, illegally takes assets for personal gain. The trusted individual might be an employee, a corporate executive, or a professional such as an accountant.
Another related crime is identity theft, sometimes called "True-name Fraud," where someone wrongfully obtains and uses another person’s personal identification information without permission. This information can include social security numbers, PINs or passwords, which are then used to commit fraudulent activities like making unauthorized transactions or purchases. Unlike embezzlement, identity theft doesn’t necessarily require a position of trust between the perpetrator and the victim, but both crimes can lead to significant financial losses and erosion of trust in institutions.
Cases of embezzlement and identity theft highlight the importance of robust legal systems and enforcement of contracts to prevent financial crimes and safeguard personal and property rights.