WASHINGTON -- The head of the Federal Trade Commission called identity theft a "devastating crime" and is praising a new program that might help consumers fight back.

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About 100 financial institutions announced that they have banded together to create the Identity Theft Assistance Center. Victims of identity theft can alert banks, credit-card companies and law enforcement with just one phone call.

This means victims only have to tell their story once, beginning with their primary financial institution. Once issues are resolved at that institution, with the customer's consent, the information will be sent on to the new center.

The process is designed to benefit consumers by relieving the stress and wasted hours they must currently spend reporting cases of fraud.

"Identity theft is the fastest-growing type of white-collar crime, and one that currently places too high a burden on our customers both in terms of lost financial identity and the time it can take to restore their good names," said Steve Bartlett, president of the Financial Services Roundtable.

The move is aimed at restoring consumer confidence. An FTC survey found nearly 10 million Americans had money stolen from their bank accounts or said that credit cards or other documents were falsely registered under their names.

The FTC also estimates that identity theft costs consumers and businesses $53 billion last year.

Dozens of companies will be participating in the program, including credit-card giants like Bank One, Citigroup and MBNA. The pilot program would start in May 2004, with Wells Fargo & Co.