The easiest way to monitor accounts? Set up alerts-- bank accounts, debit cards and credit card accounts have this option. You can have them send you an alert if a purchase over a certain amount is made. This takes just a few minutes.
Something that takes a little bit longer, but is the best protection is freezing your credit. A freeze keeps the bad guys from opening up accounts in your name, you can still use your credit cards, you just need to unfreeze credit if you need a loan.
You need to freeze your credit with all three bureaus and it's free.
What do you do if you are an ID theft victim?
File a report with the FTC. this gives you a record of it.
Second--call the company where the fraud occurred and ask to speak to someone in the fraud department.
Report the fraud to the three credit bureaus.