Comment by bob1029
13 days ago
They could do what a bank does and run everyone's ID through chexsystems. It's really hard to defeat this. Fake identities don't exist in the system and stolen ones would get flagged by geographic, time of use and velocity rules.
Doesn't work for places like Australia, where the social media ban applies only to under-16s. Teenagers rarely have ID, especially in countries where the minimum driving age is higher than 16 (read: most of the world outside the US).
The concept of identity doesn't necessarily have to be embodied by a piece of physical plastic that goes into a wallet.
Ad-hoc identification can occur via other means like dynamic knowledge based authentication. The sources of this mechanism can be literally anything. Social media itself being one obvious source for the target cohort.
You can walk into many US financial institutions without an ID and still get really far using KBA workflows. The back office will hassle you for a proper scan of a physical ID, but you can often get an account open and funded with just KBA.
Knowledge-based authentication is a joke - it doesn't work at all.
This basically only gets used for businesses that need a fig leaf for regulatory purposes. You know, $30 loans for uber eats and tiny loans like that.
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