Identity theft occurs when someone uses your personal identifiable information to commit fraudulent acts such as withdrawing money from your bank account, opening new credit cards, applying for loans or even gaining employment. The most common signs of identity theft include: Unauthorized withdrawals from your bank account Bills for unfamiliar debt or failure to receive bills Suspicious charges on your accounts New accounts or loans you didn’t apply for Being denied credit unexpectedly The IRS notifying you that more than one tax return was filed in your name, or that you have income from an employer you don't work for