There were more than 89,000 cases in the first six months of 2017 in the UK - a record number and up 5% from the same period last year, according to the fraud prevention service Cifas.
If found 83% of frauds were perpetrated online.
Identify fraud involves a criminal misrepresenting themselves to a bank or business to take out a loan, receive a credit card, or buy a product.
The innocent person that the fraudster pretends to be often does not know anything about the crime until they receive the bills from the bank or company.
In the vast majority of cases, fraudsters have been able to claim to be the other individual because of their access to the victim's personal information - including their name, date of birth and address.
Fraudsters get hold of this information in a variety of ways, from hacking companies that are not holding the data securely, through to stealing mail and exploiting personal information on social media.
Simon Dukes, the chief executive at Cifas, said: "We have seen identity fraud attempts increase year on year, now reaching epidemic levels, with identities being stolen at a rate of almost 500 a day.
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