Identity theft occurs when another person obtains some information about you such as your social security number, birth date, ID info and uses this information pose as you. This is usually, but not always, done for financial gain such as applying for and charging of credit cards, or to commit a crime in order to conceal their identity. A similar action is the theft of your credit or debit card information. Falling prey to a crime such as this can leave you in debt up to your eye balls and leave you extremely financially crippled. It is important to regularly check your bank statements and credit reports to monitor for unknown activities on your account.