Identity theft is considered the fastest growing crime in America, according to the FBI. The following are some helpful tips to review to reduce your losses from identity theft if your wallet or purse is stolen.

* Photocopy both sides of your credit cards and other important documents and keep these in a separate, easily accessible location. As a result, you will have all of your vital information and can quickly call your credit card companies and cancel your cards.

* File a police report as soon as you can to prove to credit providers that you acted diligently and took the first step toward an investigation of the crime.

* Immediately call the three national credit reporting organizations to place a fraud alert on your name and social security number. This alert means that any company that checks your credit knows your information was stolen and they must contact you to authorize new credit. These three credit organizations are:

Equifax at 1-800-525-6285

Experian at 1-888-397-3742

and Trans Union at 1-800-680-7289.

* Contact your bank as soon as possible if your checkbook is stolen.