In that identity fraud is a component of almost every major crime and felt throughout the world, it is seen as posing a national and global threat to the security of all nations and their citizens. Its pervasiveness must be recognized, especially as a facilitator of crimes that threaten national security, the economy, and global commerce. This paper discusses the differences between identity fraud and identity theft, as well as drawing on statistics to provide an extensive assessment of the growing problem of identity fraud. It considers legal, societal, and technical approaches to managing identity fraud recognizing their policy and practical limitations. The paper consists of six main parts that include: (1) an introduction to identity fraud; (2) size and scope of identity fraud problem; (3) the role of identity fraud in facilitating criminal and terrorist activity; (4) managing identity fraud, specifically laws and regulations; (5) managing identity fraud, specifically information policy and technology; and (6) managing identity fraud, specifically challenges and recommendations. If identity fraud is not seen as a significant threat, it will not be dealt with accordingly, and it will grow exponentially, as well as the possibility of financial crimes, terrorist acts, drug trafficking, gun running, and alien smuggling. References