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> what's to prevent Joe from GIVING his identifying info to someone and then claiming identity theft? Or just buying stuff and claiming identity theft?

That would be the same crime as someone using Joe's stolen credit card info - fraud.

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Then the bank has incentive to shift responsibility back to you, e.g. by requiring withdrawal request to be signed with your private encryption key. And you have an incentive to care about security of this key.

Well, until the bank offers such a feature on my account then it should be on them.

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