What Is Identity Theft And How to Avoid It. What is identity theft? Identity theft is when someone uses your name, Social Security number, or credit card number, without your permission, and then runs up debt in your name. It’s fraud; it’s a very serious crime. As many as 9 million Americans have their identities stolen each year. Identity theft is serious. It can take a lot of time and money to repair the damage. Victims of identity theft may lose out on job opportunities, or be denied credit and loans because of negative information on their credit reports. This is a serious stuff guys so please pay attention and lets make sure that no one who watches the S&M show is ever a victim of identity theft.