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I have been thinking about this a lot and was wondering why if someone commits fraud against an organisation(in the context of banking or credit card companies) is it seen as identity theft. The inmplication is, I assume, that it is the individuals responsibility and not the organisations.

Identity theft means that someone has stolen someone other’s identity to pretend to be someone else. It can include stealing social security numbers to obtain credit or stealing the whole identity(identity cloning) to commit a crime.
Banking card companies have a set of information they can use to verify that the person they are currently serving is the one he claims to be. This information can be obtained illegally and this is why this is called identity theft.