SAN DIEGO -- Identity theft can cost hundreds or thousands of dollars and can lead to a lot of headaches, but a San Diego man's new invention could help stop thieves before they strike.

Many people carry wallets, whether they are leather, canvas, clips or clutches, and Steve Cabouli is one of many people who still can't believe a low-tech device carries very valuable information.

"It's been the same for the past 200 to 300 years and nobody thought about a high-tech wallet," said Cabouli.

Cabouli's invention is called the iWallet, and it is a compact electronic lockbox that can only be opened with a swipe of your finger. No one else's finger can open it.

Cabouli came up with the idea three years ago after thieves stole his identity. He invested $500,000 and worked with designers in San Diego to develop the iWallet. It was unveiled last month.

One feature of the iWallet is if it is stolen, once the thief gets a few feet away, Bluetooth technology allows an alarm on the owner's cell phone to go off. Additionally, Cabouli and his company are working on a new version of the iWallet that includes GPS tracking.

"So if someone happens to get away with your wallet, somehow some odd reason they happen to get away with it, you'll always be able to find it," said Rahlonso Sharpe, sales director with iWallet.

So far, the company has sold more than 10,000 iWallets. While each iWallet costs up to $600, Cabouli said it is a good investment when you consider up to 45 percent of identity thefts stem from wallet thefts.

Point Loma Nazarene University economist Lynn Reaser said identity theft is the billion-dollar criminal industry, and told 10News, "We are facing attacks from a very broad-based and well-organized, in many cases, front."

Reaser said she believes the iWallet is a good high-tech tool to protect you from a high-tech crime.

Learn more about the iWallet by visiting iwalletusa.com.