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This is the KYC (Know Your Customer) laws. Online-only banks like Ally and Simple require the same thing. In fact, every bank requires this. If you opened a
by benwilber0 9y ago
This is the KYC (Know Your Customer) laws. Online-only banks like Ally and Simple require the same thing.
In fact, every bank requires this. If you opened a bank account in-person some years ago you may not remember but they asked you for your government-issued ID card.
It's the same thing.
- bricestacey 9y agoInstagram isn't a bank
- drewmol 9y agoNot yet... Preemptively fulfilling KYC requirements probably eases the barriers to incorporating financial services into the platform. I'm not a fan of this, just thinking out loud
- bricestacey 9y agoIt seems like a stretch to think Instagram is entering the financial services space. Facebook owns Insta and Messenger already offers payments. It's probably more likely that Instagram is using traditional KYC tools, probably developed for other parts of the Facebook ecosystem, to influence other KPIs such as the number of bots in the system. But that's just my own guess as well.
- nerflad 9y agoI didn't have to show ID to create my Paypal or Venmo accounts.
- vinniejames 9y agoPretty far from the same thing buddy, do some research
- CamperBob2 9y agoKYC doesn't require a photo, does it?
- richardknop 9y agoI think it does. Couple of online banks I tried out all needed a short video of my face saying my name, not just photo of ID, that’s not enough anymore.
- tyfon 9y agoIn Norway it does unless you use the national BankID electronic signature. I'm pretty sure this is standard in most of Europe. To get my BankID I had to submit an authenticated copy of my passport done by the postal service as they didn't accept regular drivers license or anything else. I also work in a bank, breach of KYC procedures could in the worst case land the caseworker and/or manager in jail for two years and all employees are required to undergo AML training at least once every two years. Edit: was to be a response to the parent comment as there is no requirement for video here.
- smsm42 9y agoI have opened several bank accounts online and never have been asked for photo id. SSN and some knowledge-based auth sure, but no photos.
- Cthulhu_ 9y agoSSN will give them something to look up in the central registry; as a bank they'll have the authority to do requests for information.
- RickS 9y agoSSN and knowledge based auth are sometimes sufficient depending on where you fall against the company's risk model. KYC processes are a type of situation where it is not a good idea to extrapolate all people's experience from one person's. The underlying mechanisms intentionally vary from person to person.