Identity Theft and Assumption Deterrence Act of 1998

Identity Theft and Assumption Deterrence Act of 1998 - Amends the Federal criminal code to make it unlawful for anyone to knowingly transfer or use, without lawful authority, a means of identification of another person with the intent to commit, or otherwise promote, carry on, or facilitate any unlawful activity that constitutes a violation of Federal law or a felony under State or local law. Defines such "means of identification" as any name or number that may be used to identify a specific individual.

Prescribes criminal penalties for first and subsequent offenses involving fraud and related activity in connection with identification documents (identity fraud), including for such offenses committed in connection with other specified crimes. Subjects to the same penalties any person who attempts or conspires to commit such an offense. Provides that the forfeiture of property under identity fraud provisions shall be governed by the criminal forfeiture provisions of the Comprehensive Drug Abuse Prevention and Control Act of 1970.

Provides for mandatory restitution for identity fraud victims which may include payment of any costs, including attorney's fees, incurred: (1) in clearing a credit history or rating; or (2) in connection with any civil or administrative proceeding to satisfy any debt, lien, or other obligation arising as a result of the defendant's actions.

Directs the United States Sentencing Commission to review and amend the Federal sentencing guidelines to provide an appropriate penalty for such offenses, taking into account specified factors.

Directs the Federal Trade Commission to establish procedures to: (1) log and acknowledge the receipt of complaints by individuals having reason to believe that one or more of their means of identification have been assumed, stolen, or otherwise unlawfully acquired; (2) provide informational materials to such individuals; and (3) refer such complaint to the appropriate entities, including national consumer reporting agencies and law enforcement agencies. Authorizes appropriations.