A grinch could steal your identity, especially during the holiday shopping season.

Are You Vulnerable? Tips: Protect Your Identity

The Insurance Information Institute says consumers tend to let their guard down when they're out buying gifts. It's a busy time, and people are not always as careful as they should be about guarding their wallets and purses.

"The malls are busy and crowded during the holidays, and it's a perfect environment for thieves bent on stealing your credit cards or other financial information," said Jeanne Salvatore, vice president of consumer affairs at the institute. "Shoppers need to be especially careful over the holidays by guarding their credit cards, phone cards, driver's licenses and Social Security numbers."

To protect your money and your good name, the institute recommends the following:

Limit the amount of personal information in your purse or wallet to the bare minimum. Avoid carrying additional credit cards, Social Security cards or passports unless absolutely necessary.
When making purchases, guard your card. Shield your hand when using ATM machines or making long-distance phone calls with phone cards. You don't want to fall prey to "shoulder surfers" who may be nearby.

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Always take credit card or ATM receipts. Don't throw them into public trash containers, leave them on the counter or put them in your shopping bag where they can easily fall out or get stolen.
If you plan to do your shopping online, make sure that you are buying from a reputable retailer with a secure network.
Don't rely on your credit card company or bank to alert you of suspicious activity. Carefully monitor your bank and credit card statements to make sure all of the transactions are accurate.
Tear or shred any documents that have personal information such as a credit card or bank statement, charge receipts, or credit card applications.

Consumers may also consider obtaining identity theft insurance, the institute says. Insurance provides reimbursement to crime victims for the cost of restoring their identity and repairing credit reports.

Some companies now include it as part of their homeowners insurance policy. Others sell it as either a stand alone policy or as an endorsement to a homeowners or renters insurance policy. On average, these policies cost between $25 and $50 for $15,000 to $25,000 worth of coverage.

Identity theft insurance provides reimbursement for expenses such as phone bills, lost wages, notary and certified mailing costs and sometimes attorney fees with the prior consent of the insurer.