It's not that "my identity has been stolen". It's that financial institutions (and others) have established procedures for freely creating binding obligations in my name on the flimsiest of actual evidence. It's fraud, enabled by financial institution's weak procedures.
And who did the monitoring?
That's pretty much my point: you have to keep track over use of credentials in your name, and fight these in a court of law.
There's little or no criminal liability on financial or information bureaus for getting information wrong.
That is: the onus is on the individual, not the system.