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August 07, 2013

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Kieran Lynch

Amen to that

Andras Holitska

A relative of mine just ran into a related problem. She tried to open a new account and the bank insisted that she'd have to provide official proof of here living address. When she asked why they need that (since it's not printed on her state issued id) she was told that it's needed for compliance reasons: money laundering and all related stuff.

If I look at it from the above it's actually understandable from the bank's POV. I'm not sure how Barclays or PayPal solve this specific problem, maybe you could ask around a little?

Steve

So would you prefer a world where something similar to the "National Strategy for Trusted Identities in Cyberspace" www.nist.gov/nstic is a reality in the UK?

Imagine the physical pain you'd go through if your online Id was compromised and you had no recourse to paper trails to prove yourself as yourself...

Both virtual & physical worlds have their problems, which is your worst nightmare?

Chris Skinner

Steve

I've blogged that passwords don't work:

Passwords just don't hack it
http://thefinanser.co.uk/fsclub/2011/06/passwords-just-dont-hack-it.html

Next generation authentication: DNA?
http://thefinanser.co.uk/fsclub/2012/11/i-spit-on-my-bank-and-they-like-it.html

and identity is an issue

Why identity management is so complicated
http://thefinanser.co.uk/fsclub/2010/04/why-identity-management-is-so-complicated.html

There is no effective identity system, which is why laundering succeeds
http://thefinanser.co.uk/fsclub/2012/10/there-is-no-effective-identity-system-which-is-why-laundering-succeeds.html

many times (the above being just a few entries), but I do not understand why a physical requirement to show a passport and utility bill or similar is mandated.

Sure, we may need physical documentation, but an e-identity is now accepted in several countries, especially the Nordic countries, so why do we still work with last century processes?

Chris

neil burton

Chris, did the broker offer any alternative options - credit unions, peer-to-peer loans - or maybe they aren't up to speed yet? The bank is the safer option? ;-)

e-identity is going to be forced to the foreground soon. For example, since 'around 58 million consumers over the age of 15 in the EU do not have a payment account', a proposed EC directive will 'guarantee access to basic payment services to all EU consumers and prohibit discrimination based on residency against consumers who intend to open a payment account abroad'. Links are in here http://thefinanser.co.uk/fsclub/2013/08/why-does-the-uk-shun-credit-unions-when-other-markets-love-them.html

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