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President Bush Signs Tough New Identity Theft Bill

New law stiffens penalties for identity theft

Trying to combat a problem that's grown in recent years with the proliferation of the Internet and e-commerce, President Bush last Thursday signed into law tough new legislation designed to stem the tide of identity theft. The Identity Theft Penalty Enhancement Act adds two years to the prison sentences of those convicted of using stolen identities and credit card numbers in the commission of a crime. Those using the information to commit "terrorist offenses" would get five more years. "We're taking an important step today to combat the problem of identity theft, one of the fastest growing financial crimes in our nation," said Bush. "The bill I'm about to sign sends a clear message that a person who violates another's financial privacy will be punished." Last year alone, nearly 10 million Americans had their identities stolen, with perpetrators stealing nearly $50 billion through fraudulent transactions.