Comment by superkuh
15 days ago
The endgame I see is that it will be illegal to communicate on the internet without having a proven bank account. At least in the USA where all ID verification is settling on banks (ie, Plaid). And the banks will tolerate 10,000 false positive denials of service to avoid a single false negative and be happy about it. Plaid even more so. Human beings will have no recourse as they are private companies. This really should be a service that the states of the federal government provide. It's a dark future we're speeding towards.
I do not understand this at all. How is ID verification settling on banks????! And which of these banks are private?
Sorry if I was inexact in my wording. It's settling on the existence of your bank account proving who you are. The ID services require you to give them your bank login credentials (ie, Plaid). So there are two levels of denial, at Plaid (and related ID services) themselves and the banks deciding weather or not they want to allow it (work with Plaid, or Plaid with them, etc) and if they want to give you a bank account.
I work at Plaid. Plaid's KYC product doesn't ask for bank login credentials. (EDIT: I originally had a line in here saying "nor do any of our competitors' KYC products, that I know of." but then someone in this thread linked to Stripe documentation saying that Stripe does use this method of age verification in Australia, so TIL.)
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