3 ms·

I wonder if just requiring someone to personally appear at a bank with an ID to get a line of credit would get rid of 90% of identity theft issues. While its h

I wonder if just requiring someone to personally appear at a bank with an ID to get a line of credit would get rid of 90% of identity theft issues. While its hardly impossible to pretend to be someone else in person, it would increase both the risk and time-commitment necessary to commit the fraud enough that I doubt it would be worth the criminals time. On the other hand, opening a line of credit is something people do rarely enough that the extra time required for legitimate borrowers would be marginal.

ganoushoreilly 7y ago
That's assuming the bank you use has physical locations. A large number of banks exist now that are either geographically prohibitive for those that have moved, or more so simply lack any physical locations at all.
- CaptainZapp 7y ago
  Why should a bank, which does not have physical locations, get around KYC regulations? Or asked differently: How do they handle that?
  - vageli 7y ago
    > Why should a bank, which does not have physical locations, get around KYC regulations? > Or asked differently: How do they handle that? The same way the IRS handles it when you mail your taxes, they collect your social and some identifiers (banks tend to ask for driver's license, etc online).
    - CaptainZapp 7y ago
      Thanks. I'm a bit surprised living in Switzerland, which has an image for those very discreet, secretive banks. But you could not open an account with a local bank without showing your passport in person. Even when I ran my own company and had the corporate account with a specific bank I had to show up at a branch in person showing my passport in order to open a pension account with the same bank. This even applies for postal accounts. Mailing a scan of your driving license would never fly. I don't think it would even be accepted as identification if you show up in person.
- anywherenotes 7y ago
  There could be physical businesses who's sole responsibility is to accept applications for banks and verify identity. It probably make sense for TransUnion, and similar to get into this kind of a business - validation of id for submission of forms. Obviously this would be more expensive for the consumer. I think if we can put a credit-freeze except for such applications in person, there would be people who go for it; I would.
  - pstuart 7y ago
    Like a notary?

ganoushoreilly 7y ago

That's assuming the bank you use has physical locations. A large number of banks exist now that are either geographically prohibitive for those that have moved, or more so simply lack any physical locations at all.

CaptainZapp 7y ago
Why should a bank, which does not have physical locations, get around KYC regulations? Or asked differently: How do they handle that?
- vageli 7y ago
  > Why should a bank, which does not have physical locations, get around KYC regulations? > Or asked differently: How do they handle that? The same way the IRS handles it when you mail your taxes, they collect your social and some identifiers (banks tend to ask for driver's license, etc online).
  - CaptainZapp 7y ago
    Thanks. I'm a bit surprised living in Switzerland, which has an image for those very discreet, secretive banks. But you could not open an account with a local bank without showing your passport in person. Even when I ran my own company and had the corporate account with a specific bank I had to show up at a branch in person showing my passport in order to open a pension account with the same bank. This even applies for postal accounts. Mailing a scan of your driving license would never fly. I don't think it would even be accepted as identification if you show up in person.
anywherenotes 7y ago
There could be physical businesses who's sole responsibility is to accept applications for banks and verify identity. It probably make sense for TransUnion, and similar to get into this kind of a business - validation of id for submission of forms. Obviously this would be more expensive for the consumer. I think if we can put a credit-freeze except for such applications in person, there would be people who go for it; I would.
- pstuart 7y ago
  Like a notary?