WASHINGTON, July 15 (UPI) -- U.S. President George Bush signed into law Thursday stiffer penalties for identity theft, a crime that affected nearly 10 million people last year.
Under the Identify Theft Penalty Enhancement Act, those convicted of having engaged in identity theft in non-terrorism related felony cases would receive a two-year prison sentence on top of whatever sentence they receive for the results of their actions. The mandatory penalty of five years imprisonment would be applied if the theft was connected to terrorist activity.
"It (the act) reflects our government's resolve to answer serious offenses with serious penalties," Bush said.
The administration said identity theft affected nearly 10 million Americans last year and resulted in nearly $50 million in losses to businesses.
"The crime of identity theft undermines the basic trust on which our economy depends," Bush said. "But the losses are not measured only in dollars. ... The criminal can quickly damage a person's lifelong efforts to build and maintain a good credit rating. Repairing the damage can take months or years."
