In identity theft, fraud artists collect personal information, take on the identity of victims, and steal money from their bank accounts or make bills in their name. Identity theft is one of the fastest growing white collar crimes and is fueled by the exponential growth of the Internet, instant credit, and the widespread use of Social Security numbers. Fraud artists obtain their information from garbage, mailboxes, loan and rental applications, schools, desk drawers in the workplace, job applications, the Internet, telephone companies, and other sources. The Identity Theft and Assumption Deterrence Act of 1998 enables police agencies to recognize identity theft victims and helps them eliminate erroneous items from credit and police records. Under the act, the Federal Trade Commission is responsible for creating a clearinghouse for consumer complaints and providing information to victims. Fraud examiners and investigators need to know the scams associated with identity theft and ways in which these scams can be detected, and individuals should review their credit reports once a year. The impact of identity theft on financial privacy is examined. Advice for potential victims and a plan of action to deal with financial fraud are offered.