At least in the UK the banks and the police have worked together for years to establish “identity theft” as a thing.
From: Whoops we gave a loan to a stranger because they tricked us!
To: You owe us money because someone stole the core of yourself, from yourself, without you noticing
The police get to move a whole load of theft out of their crime statistics as it modernizes, and the banks get to avoid lots of ‘red tape’ and can decide how nice they want to be to each victim (or rather, how profitable being nice is).