Yes, this is the key issue, but it is broadly ignored. In the old days you needed to walk into a bank with photo-ID and talk to a teller to open an account, le

Yes, this is the key issue, but it is broadly ignored. In the old days you needed to walk into a bank with photo-ID and talk to a teller to open an account, let alone get credit. The big banks have saved money by closing many branches. These days, you can get a credit card online easily, no face-to-face interaction involved. Hackers pretending to be you can do it as easily.