Identity theft needs to be taken seriously as it can affect your life. Many people do not understand it, though it is the most rapidly growing crime in the United States. Identity theft means that someone has taken over your identity and is using your personal information to make purchases and deals on your behalf - with out your knowing about it. You only come to know once your creditors are clamoring for their money. Committing identity theft to make huge purchases without your knowing could be considered a very mild consequence; as such theft can be committed for terrorism, industrial espionage, and other illegal activities, that can have larger consequences.