Identity Theft  Tags: identity_theft ugl_subject_guide false_personation ugl  

Identity theft, which occurs when criminals steal personal consumer information, has become one of the fastest growing financial crimes. According to the CQ Researcher, "nearly 10 million consumers are affected annually by lost or stolen data at a cost to the economy of $53 billion." Criminals use the stolen information, often the person's Social Security number, to open new accounts and falsely impersonate others. The advent of the web has made consumers more vulnerable, as valuable personal information is often stored or transmitted on the internet, and even large financial and data-collection companies have become prey to hackers. Thus, variations on this topic include internet privacy, database security, and laws and legislation to stop identity fraud.