Identity theft and identity fraud involve crimes in which someone wrongfully obtains and uses another person's personal data in a fraudulent or deceptive manner, usually for economic gain. Identity theft is a serious crime, not just because of the monetary damages it causes, but also because of knowing somebody is out there using your identity and personal information to defraud others.

Identity theft laws in most states make it a crime to misuse another person's identifying information -- whether personal or financial. Such data (including social security numbers, credit history, and PIN numbers) is often acquired through 1) the offender's unlawful access to information from government and financial entities, or 2) lost or stolen mail, wallets and purses, identification, and credit or debit cards.

People who commit Identity Theft can use the identification to commit bank fraud, check fraud, and many forms of theft. Identify theft can leave you financially devastated. If someone gains employment, using your identity, you can be held responsible for their unpaid federal income tax. Identity Theft can damage your credit rating.

It could take years and thousands of dollars for victims of identity theft to clean up the damage that has been done to their name and credit history. Identity theft can happen to anyone at anytime.

If you believe you've been a victim of identity theft or fraud, act immediately to minimize the damage to your personal funds and financial accounts, as well as your credit report and reputation. Contact the fraud departments of each of the three major credit bureaus, Equifax, Experian and Transunion and request that they place a fraud alert on your credit file. Close the accounts that you know or believe have been tampered with or opened fraudulently and file a report with your local police or the police in the community where the identity theft took place. And finally, file an identity theft complaint with the FTC. Filing a complaint helps the FTC learn more about identity theft and the obstacles victims face in prosecuting these crimes.