Identity theft is when someone wrongfully obtains and uses your personal information, like your first and last name, address, driver's license number, social insurance number, with the intent to commit theft or fraud.
Following an identity theft, the fraudster may attempt to open bank accounts or obtain loans or services, like employment insurance or a passport, in your name.
A fraudster can do a lot of damage before they're detected and the consequences of their actions may have lasting effects. Some victims have to prove their identity over and over again to different agencies, which can take years. It's an exhausting and frustrating exercise. What's more, victims often feel their dignity has been taken from them and sometimes even require physiological or medical help. Because identity theft is a criminal act, help is available to victims at the Crimes Victims Assistance Centre.
An identity is worth 10 times more than a credit card number on the black market.Source