NEW YORK (CNN/Money) - Nearly 10 million Americans fell prey to identity thieves last year. Theft related costs to businesses totaled $48 billion in 2002 and out-of-pocket costs to individuals totaled $5 billion, according to the Federal Trade Commission.

A congressional committee is meeting later today to address the issue. How can your protect yourself from thieves? Here are today's 5 Tips.

Many consumers are attached to their debit cards. What's not to like? They look like credit cards, they're just as convenient to use and they offer freedom from those bulky, old-fashioned checkbooks.

But debit cards have downsides. While credit cards carry limited liability when it comes to fraud, debt cards carry considerably more.

According to Eric Gertler, author of "Prying Eyes," if someone's used your debit card for fraudulent purchases, your liability depends on how quickly you report the loss of the card.

If you report your ATM or debit card lost or stolen before any fraudulent use, your card issuer cannot hold you responsible for unauthorized uses. If you report your card lost or stolen within two business days of discovering it missing, your liability is limited to $50. Seems fair enough, right?

Well, consider this nightmare scenario: If you don't realize your card is gone and you're one of those people who stick your bank statements in a drawer without looking them over, you could be in hot water.

If you fail to report unauthorized activity within sixty days of receiving your bank statements, you could lose all the money in your account and be held responsible for any amount of money that has been tapped from a line of credit.

One identity theft expert we spoke to advises against writing checks. The reason? There's just too much personal information on that little piece of paper.

CNNfn's Gerri Willis shares five tips on how you can prevent becoming a victim of identity theft. Play video (Real or Windows Media)

"People have gotten smarter about not disclosing their personal information but they think nothing of handing a slip of paper with their name, address, bank, account number, signature and drivers license number to a complete stranger," says Amanda Welsh, author of "The Identity Theft Protection Guide."

On top of that, according to Welsh, there is no federal legislation to limit your liability for forged checks. Each state has its own set of rules.

While most banks won't stick you with the bill for a bad check, cleaning up the mess can be both time consuming and frustrating. As an alternative, Welsh advises consumers look into automating their bill paying.

To you, it's just a mailbox. But to a thief, it could be a goldmine.

Consider all the mail you get with personal information (bank statements, bills) not to mention all the unsolicited pre-approved credit card offers clogging your mailbox.

According to Gertler, thieves can easily apply for credit cards in your name. What's more, unless you diligently check your credit report for unusual activity, you may never even know about it.

One way to guard your mail is to literally lock it up by purchasing a mailbox with a lock.

Another way to fight fraudsters is to "opt out" and remove your name from credit bureau lists that are used for credit card offers and direct marketing. To opt out, contact the Consumer Data Industry Association at 1-888-5OPT-OUT.

If you do wish to receive credit card offers in the mail, protect yourself from "dumpster divers" who rummage through trash to find your discarded documents. Invest in a paper shredder and destroy the documents you plan to throw away.

If you're an online shopper, you may want to make extra sure you're protected when shopping via the Web.

That's where "virtual card numbers" come in. A virtual card number is simply a disposable, randomly generated credit card number that shoppers can use once and throw away when shopping online.

It's linked directly to your real credit card account, so the purchases you make with it will be reflected on your monthly credit card bill. Not only does the virtual card protect users from thieves, it's also free. All you need to do is register for the service. In most cases, this involves downloading software from your card issuer's Web site.

These virtual numbers are easy to use when you shop online but they don't work for everything. You can't pick up movie tickets with a virtual credit card. Nor can you confirm car or hotel reservations with a credit card that doesn't exist.

Since the numbers are temporary, paying recurring monthly bills could also be problematic. Among the companies offering the virtual card service are MBNA, Discover and Citigroup.

Let's say you've taken all the measures above, but as you go to pay for a latte at lunchtime and you realize your wallet is gone.

YOUR E-MAIL ALERTS Personal finance Theft Marketing Finance or Create your own Manage alerts | What is this?

Would you know how to contact your credit card company in an emergency? Would you have all the information you need to get your cards and other important items replaced?

You would if you had an emergency kit. Welsh advises writing down the account number, expiration date, issuing company name and emergency contact number for each card you own.

That way you can get your cards replaced in a jiffy. While you're at it, make copies of your driver's license, social security card, birth certificate and passport and store them in a locked file cabinet or better yet, a safe deposit box.

Gerri Willis is a personal finance editor for CNN Business News. Willis also hosts CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.