What is identity theft?

Identity theft is one of the fastest growing crimes in the United States, costing victims over $5 billion annually. Identity theft occurs when someone else uses your personally identifying information without your knowledge or permission to obtain credit cards, get wireless or phone products and services, obtain loans and mortgages, get a job, and commit other types of fraudulent or even criminal acts, in your name, leaving you responsible for the consequences.

The identity thief uses key pieces of your information such as Social Security and driver's license numbers to obtain credit, merchandise and services in your name. An estimated 9.9 million consumers were victims of identity theft in 2003, and unfortunately, that number is growing.

If your identity is stolen, you may spend months or even years clearing up the damage thieves have caused to your reputation and credit record. In the time it takes to resolve these issues, you may lose job opportunities and be refused loans for education, housing, or a car. Although you have not committed a crime, been late with a payment, or abused your credit, you are the one who would suffer severe financial consequences as a result of identity theft. As a student or recent graduate, being a victim of identity theft jeopardizes your financial future just as you are beginning to establish your credit record.

Identity theft is a federal crime. The Identity Theft and Assumption Deterrence Act of 1998 made it a federal crime when anyone "knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of the Federal law, or that constitutes a felony under any applicable State or local law."

-Information from the U.S. Department of Education