It’s something we all fear: having our identity stolen and our credit cards used to make unauthorized purchases, potentially costing us hundreds of dollars in fees to get things fixed.

The Javelin Strategy & Research Center, which  has been studying identity theft since 2004 released their 2009 study that revealed Identity theft is on the rise, affecting almost 10 million victims in 2008 (a 22% increase from 2007).

As a small business owner, there are a few things to consider.  First, are you in line with the Payment Card Industry’s standards of compliance? If not, you should be.  But beyond that, there are a number of things you can do to protect your business (and your customers) from credit card fraud.  Many are outlined in a recent post at smallbiztechnology.com this week, including knowing your obligations, and being proactive about the problems and mapping out a strategy in advance. There are some simple but effective steps you can take.

But like all issues related to small business, the best thing that you can do is educate yourself and then take the best steps to ensure that you aren’t affected by something like this.  And if you are, you’re ready for it.

Have you been a victim of identity theft, or has your small business had to deal with similar issues?