Defined

Identity theft is a federal crime that occurs when a person's identification, including name, social security number, or any other account number is used or transferred by another person for unlawful purposes.

• Identity theft is a growing problem in the United States, with complaints rising 73 percent from 2001 to 2002.
• Identity theft is the most popular form of consumer fraud because it is the most profitable. Identity thieves stole nearly $100 million from financial institutions in 2001, an average of $6,767 per victim.
• In 1992, TransUnion received around 35,000 calls about identity theft; in 2001 calls reached over one million.
• The FBI estimates that 700,000 to 1.1 million Americans are victims of identity theft.
• On average, victims spend 175 plus hours and $1,000 in out-of-pocket expenses to clear their names.