Yes, ultimately the banks are going to be on the hook one way or another for fraud, even if it's based on rising insurance premiums that come when they are iden

Yes, ultimately the banks are going to be on the hook one way or another for fraud, even if it's based on rising insurance premiums that come when they are identified as a statistically good target for fraudsters, because of poor KYC practice or other reasons. It does seem a bit baffling that this major secondary industry springs up to service the other major industry of lenders and credit services, and then so many actors are in a position to grant or deny credit based on hidden calculations, ... but there's just no way for the consumer to come in, step up and self-identify, and become a willing participant and part of that process (so I could simply receive, and optionally deny, a request for credit to be established in my name.) Maybe it wouldn't actually scale, or maybe it would invite fraudsters. How many businesses are going to risk losing the sale by deferring to close the deal, until after this loop has been completed? I could sign up, meet a bad actor, and coordinate attacks with them. There are probably some ways this system could go wrong. (It would certainly be expensive to find out how, and we are not their customers.)