More than half a million people find themselves victims of identity theft each year. If you're an ID thief's mark, you'll likely face years of lost money and added frustration as you work to clean up the mess.

What is Identity Theft

Identity theft is one of the fastest-growing crimes in the United States.

Victims range from everyday people to celebrities. Identity theft occurs when someone steals personal information from another person and fraudulently uses it to obtain credit, goods and services. For example: someone steals your credit card and buys a new TV. Although a large percentage of identity theft is committed by a family member or friend of the victim, more and more the crime is being committed by professionals who belong to nationwide, even international, crime rings. Identity theft can last a short time or go on for years.

The Costs of Identity Theft

Identity theft is costly to businesses and victims alike.

According to a survey commissioned by the Federal Trade Commission, identity theft in 2006 struck 9.9 million Americans, costing businesses and individuals $53 billion.

The U.S. Secret Service estimated the cost of identity theft at $800 million in 2000.

According to a Privacy Rights Clearinghouse study in 2000, the average consumer victim spends 175 hours and $800 resolving identity theft problems. It takes two or more years for victims to clear up all the problems resulting from Identity Theft.

How does a person steal your Identity?

Identity thieves use both low-tech and high-tech methods to steal confidential information from individuals and businesses. Here are some of the most common examples of identity theft:

• Purse snatching
• Stealing your mail
• Issue a false change of address
• Sorting thru your garbage
• Stealing work records
• Home Burglaries
• Internet Theft
• Insider Theft
• An employee with access to private information
• Pretending to be You
• Calling co-workers spouses and asking for personal information

How an Identity Thief uses your Stolen Identity?

• Contacting your creditors
• Open new credit card and bank accounts
• Counterfeit checks or debit cards
• Obtain fake driver's licenses and other documents for identification verification
• Make large purchases such as cars or houses
• Use your insurance information to obtain medical procedures
• File fraudulent tax returns.
• File bankruptcy under your name