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While the usual form of identity theft refers to the unauthorized use of personal information obtained from databases, another form has evolved; this form uses sophisticated hacking techniques over wireless networks to acquire the necessary private information. In this form of identity theft, hackers typically breach security systems and install programs to obtain personal and financial data that is then either sold to a third party, or used by the hackers for personal gain.

Many identity thieves resort to getting un-opened credit card applications from mailboxes and filling them out, turning them in, and then making your credit go down the drain.

Companies that communicate with their customers using text messages could leave those same customers wide open to identity theft by fraudsters. ...companies need to ensure that their customers are made aware of the types of text messages they send out, and what, if any, information they might request via the mobile phone channel, to reduce the risk of the customers falling victim to text message fraud.

Young consumers are seriously at risk for identity theft. A new survey shows there are nine million identity theft victims annually, one third of whom are between 18 and 29 years old.

Growing paranoia about identity theft is creating a boom for companies that provide credit monitoring, fraud alert and other services that purport to protect you from this crime.