It might not stop identity theft, but YouTube has recently added one of it's most unusual video editing tools yet.
As reported on the YouTube Blog, the Video Enhancements feature now has an additional feature to blur out faces. This feature does not allow you to blur out a selected area, it is designed to detect faces. In other words, don't attempt to use this feature for any other unintended purposes, though it isn't like I could really stop anyone from challenging the feature's limitations.
This feature should be available to everyone as of now, considering the feature was not live for all users as of the post of the original blog entry.