DENVER -- If you thought the law would protect you once you become a victim of identity theft, you're partly right and partly wrong.

Protect Yourself From Identity Theft Are You Vulnerable? CREDIT REPORTS Transunion Experian Equifax RESOURCES CO Attorney General FTC Social Security Privacy Rights Clearinghouse Victims Guide Resource Center Dept. Of Justice

While many laws limit a consumer's responsibility if they become a victim of identity theft, not all costs are covered. And on Wednesday, the Federal Trade Commission put that point into perspective.

When thieves open new accounts under stolen identities the average victim loses $1,180, the FTC said. When a thief misuses an existing account belonging to a consumer, the average victim loses $2,100.

The crime has doubled every year for the last five years. In fact, nearly 10 million Americans experienced the problem just last year. So, how can you prevent ID theft in the first place?

Use as few credit cards as possible. Don't give out personal information over the phone or on the Internet to anyone you don't know. Check your credit reports once a year. And shred all ATM and credit card receipts -- don't throw them away. A thief can learn a lot about you from that little piece of paper.

To get more information about preventing ID theft, go to FTC's Resource For Identity Theft . And read more about FTC's press release about the Cost Of ID Theft To Consumers, Businesses.