4 ms·

> I'm actually positive that I have a bank account that doesn't have a login info I don't know where you are, but in the US it is actually illegal for a bank t

by mcherm 6y ago

> I'm actually positive that I have a bank account that doesn't have a login info I don't know where you are, but in the US it is actually illegal for a bank to offer financial services without collecting a significant amount of personal data from the customer. This exists for a few reasons but I think the most significant one is that the government does not want to give up the ability to block financial transactions for those they deem unacceptable. (Like terrorists.)

mrtksn 6y ago
I don’t have login info but the bank definitely collected the necessary personal information. It all makes sense, they are required to know me for AML reasons, so the account creation step collects this data. The bank is mobile first, so the account is activated through the app when my card arrives. Why would I have a username and password for the app that is used to create the account in first place? The app can keep it for me without exposing it to me ever. I can’t be phished for something that I don’t know and it is one less password to remember or take care.
- tgb 6y ago
  What's the process for if your phone dies or you lose it?
  - mrtksn 6y ago
    re—activation through scanning documents and taking a selfie. The process is initiated by entering your e-mail address.
    - tgb 6y ago
      Thanks for answering - not sure why someone would downvote someone directly answering a question!
      - danlugo92 6y ago
        I think it's the people that made reddit... reddit (and digg before that) slowly coming over here, moderation has kept them at bay mostly, but quality has definitely dropped in hacker news
        jsjohnst 6y ago
        https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html > Please don't post comments saying that HN is turning into Reddit. It's a semi-noob illusion, as old as the hills.
- wadkar 6y ago
  Which bank is this? Are there others in this space?
  - whatatita 6y ago
    Not OP but I use Monzo and they have a very silmilar from to this. You have to enter an email address for account recovery and they send you a "magic link" that opens the app and logs you in, if you ever get logged out. You then have to record a video selfie saying something like "I am NAME and I want to recover my account" and then send a pic of an ID. Same process (the selfie+ID part) for if you want to display your card PIN reminder.
    - whatatita 6y ago
      The nice thing about this flow is that I only need what I already have: my face and my ID. Even my (elderly) parents can manage this process when needed.
cellar_door 6y ago
The most significant reason is preventing your identity from being stolen.
- ilikeerp 6y ago
  No it's not. "Know your customer".
ilikeerp 6y ago
I am sure that his bank did collect a lot of information upon account creation; that has nothing to do with their app login process though. Every bank adheres to 'Know Your Customer'.

by mcherm 6y ago

mrtksn 6y ago

I don’t have login info but the bank definitely collected the necessary personal information. It all makes sense, they are required to know me for AML reasons, so the account creation step collects this data. The bank is mobile first, so the account is activated through the app when my card arrives. Why would I have a username and password for the app that is used to create the account in first place? The app can keep it for me without exposing it to me ever. I can’t be phished for something that I don’t know and it is one less password to remember or take care.

tgb 6y ago
What's the process for if your phone dies or you lose it?
- mrtksn 6y ago
  re—activation through scanning documents and taking a selfie. The process is initiated by entering your e-mail address.
  - tgb 6y ago
    Thanks for answering - not sure why someone would downvote someone directly answering a question!
    - danlugo92 6y ago
      I think it's the people that made reddit... reddit (and digg before that) slowly coming over here, moderation has kept them at bay mostly, but quality has definitely dropped in hacker news
      - jsjohnst 6y ago
        https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html > Please don't post comments saying that HN is turning into Reddit. It's a semi-noob illusion, as old as the hills.
wadkar 6y ago
Which bank is this? Are there others in this space?
- whatatita 6y ago
  Not OP but I use Monzo and they have a very silmilar from to this. You have to enter an email address for account recovery and they send you a "magic link" that opens the app and logs you in, if you ever get logged out. You then have to record a video selfie saying something like "I am NAME and I want to recover my account" and then send a pic of an ID. Same process (the selfie+ID part) for if you want to display your card PIN reminder.
  - whatatita 6y ago
    The nice thing about this flow is that I only need what I already have: my face and my ID. Even my (elderly) parents can manage this process when needed.

cellar_door 6y ago

The most significant reason is preventing your identity from being stolen.

ilikeerp 6y ago
No it's not. "Know your customer".

ilikeerp 6y ago

I am sure that his bank did collect a lot of information upon account creation; that has nothing to do with their app login process though. Every bank adheres to 'Know Your Customer'.