Identity theft is not just because of ssn or other unique semi secret numbers. It's part of it, yes, but the root cause is a combination of culture and lack of inventive (ie, identity theft is just not a big enough problem for actors to care).
More and more companies are insisting on customers signing binding arbitration clauses as a condition of doing business: car dealers, banks, airlines, you mention it. It's all very well to say, well, don't do business with them, when all the competition are doing the exact same thing. If you need, say, a new car, well, good luck getting one without signing most of your rights away, and this is no exaggeration.
Binding mandatory arbitration clauses mean that you cannot sue the company, and agree to accept the verdict of the arbitrator, for which there is no appeal, and who is generally hired by the company having the arbitration dispute and is therefore impartial /s.
I have read FTC field reports about vehicle warranty claims where one arbitration decision was so outlandish even the FTC wrote that it was irrational, and the vast majority were in favor of the dealer.
What I do not understand is why victims of this have not sued their banks over this yet. Suing should be the US couterbalance to this. People are innocent victims of fraudulent behaviour of their banks, and those banks are being robbed by thieves. Banks are supposed to guard their customers' money, which in this case they are clearly not doing. Maybe they do it unknowingly, or they are incompetent, but in the end those banks are behaving fraudulently too.