These days, everyone should be on guard against identity theft, which is the fastest-growing white collar crime in the U.S. Identity theft occurs when someone steals your personal information, such as your social security card or driver's license, then uses that data to make purchases, open accounts, or obtain credit under your name.

Unfortunately, identity theft affects up to 10 million Americans each year, as crooks get increasingly sophisticated and more determined in their efforts to target new victims. Some identity thieves use online "phishing" scams to get you to divulge private information; but others use decidedly low-tech methods like stealing your wallet or "dumpster diving" to obtain credit card numbers and other information about you. An identity thief can be a total stranger – or a family member or friend you know and love.

Identity Theft Can Strike Anyone – Even the Rich and Famous

Anyone can be struck by identity theft, from the anonymous "Average Joe" to well-known celebrities and very rich individuals. Some famous people who have been victims of identity theft include:

• Ben Bernanke, the chairman of the Federal Reserve Board
• Warren Buffett, the billionaire investor and head of Berkshire Hathaway
• Tommy Hilfiger, the clothing designer and fashion guru
• J.K. Rowling, the author of the Harry Potter book series
• Oprah Winfrey, the popular talk show host and media mogul
• Tiger Woods, the professional golf legend

How to Fight Back Against Identity Theft

No matter who the identity thief is, or what tactics they use, rest assured that these con artists don't have full run of the house. There are ways you can fight back to protect your identity, maintain your credit rating and keep your finances intact.

Specifically, you can use five primary tactics to help deter, detect or minimize the impact of identity theft:

• Monitor your credit regularly
• Take preventative safety measures to avoid ID theft
• Use fraud alerts
• Initiate a credit freeze
• Consider buying ID theft insurance

Getting Help in the Aftermath of Identity Theft

Hopefully, you'll never be ensnared by the heinous crime of identity theft. If you do become a victim, however, act immediately. Alert the credit bureaus so they put a notice in your credit files. Notify your local police department, so you have a record of the matter, and contact the Federal Trade Commission (877-ID-THEFT or www.ftc.gov), or the Identity Theft Resource Center (858-693-7935 or www.idtheftresource.org) in San Diego.

By carefully managing your credit, and safeguarding your personal finances, you can help thwart would-be identity thieves before they strike – or minimize the damage inflicted by an identity thief.

In my next post, I'll explain to you exactly what fraud alerts and credit freezes are – and how you can use them to combat identity theft.

Meantime, feel free to sound off about this topic. Have you ever been victimized by identity theft? Was the person caught? If so, was the thief a stranger or someone you knew?

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times bestseller, 'Zero Debt: The Ultimate Guide to Financial Freedom.'