Identity Piracy Act of 1998

Identity Piracy Act of 1998 - Amends the Federal criminal code to prohibit identity fraud. Imposes penalties upon anyone who in interstate or foreign commerce, knowingly and with intent to deceive or defraud: (1) obtains or transfers, or possesses or uses, any personal identifier, identification device, personal information or data, or other document or means of identification of any other entity or person; (2) assumes or uses the identity of any other entity or person; or (3) attempts or conspires with another person to commit such offense.

Authorizes the court to order the defendant to make restitution to any victim, which may include payment for costs, including attorney's fees, incurred by any victim in clearing any credit history or rating relating to the victim, as well as costs incurred in any civil or administrative proceeding required to clear any debt, lien, or other obligation arising as a result of the defendant's activity.

Authorizes the United States Secret Service to investigate any such offense, subject to the terms of an agreement to be entered into by the Secretary of the Treasury and the Attorney General.

Includes within the definition of "contraband" (subject to forfeiture) specified equipment pertaining to identity fraud.

Directs the Secretary to: (1) collect and maintain certain information and statistical data relating to identity fraud; and (2) complete a comprehensive study of the extent, nature, and causes of identity fraud and the threats posed to the Nation's financial institutions and payment systems and consumer safety and privacy; and (3) submit to the Congress specific legislative recommendations.