The only reason _you_ have a problem when somebody defrauds the bank, is because the banks sufficiently marketed the term Identify Theft. In reality, nothing of yours was stolen. In reality, the actual illicit act was somebody lying to the bank, and the bank not properly verifying who that person is.
You say nothing of mine is stolen but they hypothetically just racked up $10k debt on my identity. This is stuff that affects real things like my ability to get a mortgage, and I am also on the hook for that money unless I find a way to cancel that card. No matter the case, it very much is my problem, and they successfully took money from someone else (the bank) and made me pay for it. That's theft.
> the actual illicit act was somebody lying to the bank
Yes, this is known as fraud, and the entire concept of identity theft.
