Identity theft is a prevalent issue, with over 1.1 million complaints reported to the FTC last year, resulting in financial losses exceeding $12.7 billion. Thieves use stolen personal information for various illegal activities, including creating fake IDs and committing mail fraud.

To protect yourself, monitor your accounts for unusual activity, secure your personal information, and be cautious online. If you suspect identity theft, freeze your credit, contact financial institutions, file a report with the FTC, and involve law enforcement to mitigate the damage.

Read more at Yahoo Finance: What is identity theft, and how can you prevent it?