it is possible....
i lost my IC once and the thief used my IC to go to the hospital to see the doctor and left without paying, opened a telephone line, opened a current account, etc.
The most serious case was the current account. I have no idea how he did it. I got into trouble when 3 inspectors came to my old house to arrest me. Luckily I had a police report after the 1st bill came(hospital bill which isnt mine). They managed to arrest a girl who attempted to take out money from the banked. I heard the duo con a few companies of about 30-50k. Was subpoenaed to court to testify. Sheesh, created a lot of trouble for me.