Identity theft is when someone else pretends to be you by using your personal information such as your Social Security number, bank account information, credit card and/or drivers license information, and basically steals money in your name.

Generally identity theft takes the form of someone else pretending to be you to use your credit to make purchases, or get cash from your credit account, or open a new credit account you don't even know about, or even borrow money from a bank. Thieves have even been known to use other people's medical records to obtain health benefits.

Identity theft is a federal crime.

Identity victims are NOT responsible for debts incurred, or activities of, imposters. However, victims are stuck cleaning up the mess -- which can be very time consuming. There can also be a loss if you can't prove the transaction was done by an imposter rather than yourself.

There are many news stories about identity theft and many companies capitalize on them to suggest you purchase Identity Theft Insurance. Generally accepted advice is that the insurance is not necessary if you take a few simple steps to protect your identity. If you're a person who believes in no risk at all, you can purchase the insurance and take the steps.

There are steps to take to protect against identity theft. Identity theft insurance generally provides no more protection than you could obtain on your own.

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