[bigiain]

Seems KYC as used in the real world doesn't do a very good job of verifying whether the "customer" is Alice or the fraudster... It'd be nice if _that_ requirement had enough teeth to reduce the ability of the financial institution to claim Alice is "the victim"...

[adrr]

Curious how would you verify a user? Right now standard solution is to use public records(LexisNexis), credit history(Experian), fraud detection networks(early warning). Along with a bunch reputation providers around IP(Maxmind,Socure), email(emailage), address. Also government based ID and utility bills etc. This isn't cheap and can costs $10+ to run all these checks.

Even government can't verify people and its problem because people give other people's SSN and DOB when they get arrested which is the worst type of identity theft as it can lead to the victim getting arrested or not getting a job(criminal record showing up in background check).

[user5994461]

You ask for their ID card or passport. If you want credit history, you ask for their last year tax sheet.

[perlpimp]

how about having photo on the credit file. this would solve so many problems.