Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Let me set the record straight

blog.revolut.com

Post reply on HN
Print view View original

21–30 of 30 posts

Re: Let me set the record straight

#21

Post by xiphias2 »

AngeloAnolin wrote: post #20
xiphias2 wrote: post #7

I don't know anything about what happened, but something doesn't add up. Why would a CFO of a successful company resign just because he doesn't have global banking experience? Sounds like BS.

Large organizations generally provide people at the C-level options to tender their resignation rather than hitting the news with supposed firing (or letting go). Firing connotes a lot of negativity as well as from a public relations perspective, they want to ensure that this process would generate the least amount of noise.

Generally yes, but those are formal announcements, where the title is not ,,Let me set the record straight''.

It's like saying that I'll be honest with you, and continue lying.

Re: Let me set the record straight

#22

Post by ddebernardy »

mikeash wrote: post #8
codemusings wrote: post #5

A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.

Is that weird? I’ve opened savings accounts from traditional banks that way

That must have been a long time ago. Insofar as I've experienced it while changing countries, rules have been tightened quite a bit in Europe and North America in the aftermaths of 9/11 and the 2008 financial crisis.

Re: Let me set the record straight

#23

Post by mikeash »

ddebernardy wrote: post #22
mikeash wrote: post #8

Earlier quoted context omitted.

Is that weird? I’ve opened savings accounts from traditional banks that way

That must have been a long time ago. Insofar as I've experienced it while changing countries, rules have been tightened quite a bit in Europe and North America in the aftermaths of 9/11 and the 2008 financial crisis.

I semi-regularly shop around for the best interest rate on a savings account and open one if I see one that’s sufficiently better. I’ve never had to visit one in person, and don’t believe I’ve ever had to send a scan of my ID.

For a concrete example, I opened a savings account with Capital One 360 about a year ago. I did it at home from the comfort of my computer and it took me just a few minutes.

Re: Let me set the record straight

#25

Post by orf »

codemusings wrote: post #5

A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.

They verify your liveness and identity documents while opening an account.

Disclaimer: I work for the company that provides this service to revolut.

Side note: It's actually surprisingly difficult to verify that a document isn't fraudulent, and traditional in-person banks that accept documents in person are more susceptible to fraud than you might think. Is the average account exec trained as a border control agent? Do they read the MRZ lines?

Re: Let me set the record straight

#26

Post by mrsteveman1 »

mikeash wrote: post #15
neltnerb wrote: post #14

Earlier quoted context omitted.

They get ID sufficient to prove the identify of the person opening the account and for banks to report suspicious deposits. Every account I've opened in the last two decades has scanned or made a copy of my ID and required my social security number. The US is my only experience with opening bank accounts though. I'm pretty sure it is required to provide ID to open a traditional bank account.

I’ve definitely opened several US bank accounts without visiting in person or sending a scan of my ID. They do attempt to verify your identity through other means, like asking about stuff from your credit report.

Same here, and I think it's a better way to handle it.

If the person opening the account is physically standing in the bank lobby, showing ID is strong evidence they are who they say they are.

But accepting a scanned copy of an ID online is in many ways more risky than alternative verification methods, it only tells you that the person had access to a picture of an ID. It's assumed that would be difficult if they weren't who they say they are, but that's not a reasonable assumption and banks clearly know that.

I wouldn't be surprised if identity thieves have access to real scans of IDs at this point. A lot of online services have been asking people to scan and upload them for things like "verifying" your Twitter or Facebook account, so people may not be as cautious about doing that as they should be.

Re: Let me set the record straight

#27

Post by mikeash »

mrsteveman1 wrote: post #26
mikeash wrote: post #15

Earlier quoted context omitted.

I’ve definitely opened several US bank accounts without visiting in person or sending a scan of my ID. They do attempt to verify your identity through other means, like asking about stuff from your credit report.

Same here, and I think it's a better way to handle it. If the person opening the account is physically standing in the bank lobby, showing ID is strong evidence they are who they say they are. But accepting a scanned copy of an ID online is in many ways more risky than alternative verification methods, it only tells you that the person had access to a picture of an ID. It's assumed that would be difficult if they wer…

It has to be trivial to photoshop an ID scan, too. None of the fancy anti-forgery measures they have would help.

Re: Let me set the record straight

#30

Post by codemusings »

orf wrote: post #25
codemusings wrote: post #5

A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.

They verify your liveness and identity documents while opening an account. Disclaimer: I work for the company that provides this service to revolut. Side note: It's actually surprisingly difficult to verify that a document isn't fraudulent, and traditional in-person banks that accept documents in person are more susceptible to fraud than you might think. Is the average account exec trained as a border control agent?…

From their website (unfortunately in German):

    Keine Bonitätsprüfung, kein Adressnachweis.
Which translates to: "No check of credit worthiness, no ID verification". So either it's different in some countries or it's false advertising. Either way. Banks are the one thing I'm scared of getting the Silicon Valley treatment.
Post reply on HN