It’s one of the fastest-growing forms of theft in the US, and you may not even realize you are a victim – at least not right away. It’s identity theft, and it costs American consumers and businesses tens of billions of dollars every year in initial losses and costly remedies.

Identity thieves are after personal data that they use to defraud banks and utilities and individuals out of big bucks. Whether they are lone crooks or organized “rings,” there are a growing number of ways identity thieves hunt for your information, and they run the gamut:

Identity thieves target your mail. They forge change-of-address forms or just ransack mailboxes. Among other things, they are looking for bank and credit card statements, pre-approved credit card offers, tax information, and new checks.

They will get your credit report – a wealth of personal data in one place – by posing as a landlord or an employer, for example, or by misusing their employer’s legitimate access to your report.

Identity thieves steal credit cards from your wallet, purse, and home. They steal just the account numbers by “skimming” them with data storage devices that are often attached to ATMs or cash registers where you swipe your card.

They steal records from businesses as high-tech hackers or old school dumpster-divers. They scam employees, bribe them outright, and are sometimes employees themselves. In May 2005, thieves reaped a bonanza when they accessed a credit card processing center for MasterCard and installed a rogue program on the network that captured credit card data. More than 40 million credit card numbers were exposed.

Identity thieves often steal personal information by posing as legitimate companies that need to iron out a problem with your account. Their e-mails, websites, and phone calls all look and sound legitimate, but somewhere along the line you are asked for financial account information. Hundreds of eBay members were recently scammed out of their account user names and passwords when they received emails seemingly from the “Question from eBay member” portal. The logo, look, and feel in the email were all eBay’s, but when members clicked “Respond Now,” the fake login page that opened was not.

Another alarming trend is the culling of personal information from stock accounts. Spyware, spam and the lack of a firewall are just a few of the security breaches that allow hackers access to an investor’s online account. And unlike credit card companies that are legally liable for all losses beyond $50, the online brokerage industry lacks any fraud-loss obligations.

Once they have your personal data, identity thieves can make their living on your dollars. How? Let’s count the ways. They…

…open new credit card accounts in your name and go on a shopping spree.

…change the billing address of an existing credit card and run up charges before you realize there's a problem.

…counterfeit checks or authorize electronic transfers that drain your bank account.

…open a new account in your name and write bad checks.

…establish phone or wireless service in your name.

…get identification in your name, such as a driver's license issued with their picture.

…give your name to the police during an arrest, which could ultimately lead to a warrant for your arrest.

…buy a car by taking out an auto loan in your name.

…get a job or file fraudulent tax returns in your name.

…file for bankruptcy under your name to avoid debts they've incurred posing as you, or to avoid eviction.

All these things done in your name…what can you do? Though no solution is perfect, there are steps you can take to minimize your risk of hemorrhaging cash and your good credit through identity theft. Visit our Identity Theft Prevention article to get started. If you’ve already been the victim of identity theft, check out the Free Advice article, When Your Personal Information is Stolen.