Identity theft is one of the fastest growing crimes throughout the world today. An identity thief steals a person's personal information and assumes their identity in order to commit fraud. It can be a very traumatic experience for its victims. They can lose their life savings, be held responsible for unauthorized credit cards transactions, and be made accountable for loans that were taken out in their name. As well, their credit rating will be damaged along with their good standing. It's not difficult to see how identity theft can be a more upsetting crime than ordinary theft of your possessions. Here are some identity theft facts that can help you protect yourself today.

Many people associate identity theft with the internet. And this is certainly a real problem. It's why you should make sure you have a functional anti-virus program and firewall that are on at all times. You should also invest in some identity theft software. But it's not only online crime you need to protect yourself from. If someone gets their hands on any of your financial information such as credit cards or bank account numbers, the consequences can be devastating, particularly if they also manage to obtain your personal identification number or password.

If you are not careful with your personal information and leave identifying documents in accessible places, you increase your chances of becoming a victim of identity theft. The consequences could easily be a long, hard fight to restore your bank accounts, set things straight with your creditors, and get your credit standing back where it belongs.

Don't think that there's nothing you can do to prevent identity theft. There are lots of steps you can take to minimize the risk. If you pay attention to your financial affairs, you're more likely to detect any problems early and suffer less damage as a result.

1) Your credit card statements stop arriving on a regular basis. It's all too easy for an identity thief to rummage through your mailbox in search of financial documents. If you don't receive a statement one month, you need to investigate immediately.

2) You're getting statements for an account that you've never heard of. If something like this shows up in your mailbox, or you start getting puzzling calls from banks and credit card companies, this could be a sign of identity theft.

3) You're being contacted by collection agencies regarding loans you haven't taken out. An identity thief will take out a loan in your name, default on the payments, and you're stuck with the debt collectors.

4) Higher than normal credit card bills. Check you credit card charges carefully, daily if possible. If they seem unusually high, someone might have got hold of the number and is charging items to it.

5) Missing checks or checkbooks. Keep track of your check numbers. There's a possibility someone might remove a few from your checkbook.

6) Credit report discrepancies. It's important to monitor your credit report regularly in order to discover any issues related to identity theft as soon as possible. If you report indicates loans and accounts that you are not aware of, report the problem immediately.

7) The police accuse you of illegal practices that you have no knowledge of. An identity thief who gets in trouble with the law will use your name if he or she has your personal information.

Don't ignore these warning signs if you see them. The faster you deal with identity theft, the easier it will be for you in the long term.

You might have heard of identity theft, but do you know how it can actually affect you if it happens to you? Here are the most common identity theft scenarios.

A large percentage of identity theft involves credit card fraud. Once the thief has your number, he or she will start charging immediately, usually expensive items that can be quickly resold. They know they don't have much time till you notice, so they'll act fast. However, if you're not in the habit of checking your credit card transactions periodically throughout the month, you might be taken by surprise when you get your next statement.

Identity thieves don't just target your existing credit cards. If they have your personal information, they will open a new account using your name. They'll run it up to the limit very quickly, and you'll be stuck with the bill.

Another area identity thieves target is banking information. If they get a hold of your account numbers, you might end up losing your savings. The ramifications are far reaching. If the thief wrote some bad checks, you'll be facing demands for repayment from the organizations involved. And if they used your information to take out a loan, you could end up on the hook for the payments.

Apart from making money off your personal information, identity thieves will also use it to get a driver's license, facilitate illegal immigration, get a job, or set up accounts with the utility companies. All these actions can come back to haunt you. It might take you years to resolve all the issues involved with identity theft.

Here are the most common targets an identity thief will go after once he has your personal information.

1. Existing bank accounts: He'll clear out your current checking and savings accounts.

2. New bank accounts: He'll open up new bank accounts in your name. Then he'll proceed to write bad checks against it. If there's a line of credit associated with the account, he'll pull out as much cash as he can.

3. Loans: The thief will take out loans in your name to purchase expensive items that he can easily sell, such as vehicles, electronics and jewelry.

4. Existing credit cards: They'll quickly run up your credit card to the maximum. These will also be expensive items that are easy to turn around and make some cash from.

5. New credit cards: He'll apply for new credit cards using your information. The scenario will take place as with your existing credit cards.

6. Telephone charges: An identity thief can set up a calling card or telephone line in your name, and use it for expensive long distance charges. You'll be the one who gets the bill, though.

7. Employment: It's not unheard of for an identity thief to impersonate you in order to land a job. The consequences could be far reaching and include an impact on your income tax situation.

These are just a few of the ways in which identity theft can impact you. It's not just about your money, but your life.