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Banks find AML "ineffective", propose access to social media

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Re: Banks find AML "ineffective", propose access to social media

#21

Post by freedomben »

raman162 wrote: post #11

I think the adoption of 3d secure will be better in preventing fraud than giving banks more access to my personal information. I suspect access to this information won't be limited to fraud detection but loans, mortgages, etc. What happens to people like me who don't really use social media as well?

I'm in that same boat. My guess is it's going to end up being just like having no credit previously. The advice is to open a credit card and use it a little bit every month and pay it off entirely to build up your credit. They will recommend creating social media accounts and posting a little bit regularly so that your social media credit score can build.

I'm afraid we are building ourselves a tech dystopia, not the bright future that most of us have thought.

Re: Banks find AML "ineffective", propose access to social media

#24

Post by badcppdev »

AnthonyMouse wrote: post #10

Banks find AML "Ineffective" because the premise is erroneous. KYC is a sham because bankers don't actually know their customers and checking that you have a valid ID before you can open an account has no value . Criminals, or their straw men, have a valid ID. To detect crime you need detectives to investigate crimes. The transaction record by itself means nothing because the banks have no way to know what any of the…

I agree with you. I think the only solution is for politicians to stop being soft on crime by funding police, prosecutors, courts, prisons, and rehabilitation services (rehab for both criminals and addicts). In addition the various tax authorities need to be empowered and funded to investigate tax fraud of all kinds and if caught then people need to be sent to prison rather than allowed to buy their way out of a sentence.

Re: Banks find AML "ineffective", propose access to social media

#25

Post by kalaksi »

cs702 wrote: post #2

When large corporations like banks say they want "access to social media," what they mean is they would love to get their hands on something like this: https://en.wikipedia.org/wiki/Social_Credit_System ...but they want it to be controlled by large corporations instead of a government.

I immediately thought that they'd also start selling the newly acquired data in some form, since nowadays it seems that everybody wants to be in the spying business. My bank has recently started asking, from time to time, in the banking app for me to grant permission for collecting additional data. Thanks god for GDPR... IMO, banks should not overcomplicate things and should keep things simple for users.

Re: Banks find AML "ineffective", propose access to social media

#26

Post by ta988 »

raman162 wrote: post #11

I think the adoption of 3d secure will be better in preventing fraud than giving banks more access to my personal information. I suspect access to this information won't be limited to fraud detection but loans, mortgages, etc. What happens to people like me who don't really use social media as well?

They are not talking about that, they are trying to catch money laundering and traffics etc. And using that as an excuse to suck all of people data for marketing.

Re: Banks find AML "ineffective", propose access to social media

#29

Post by 39896880 »

criley2 wrote: post #16

I have long since believed that maintaining a token "acceptable" social media presence is much more powerful than abstaining with regards to privacy/anonymity. The two suspicious things are overuse/misuse of social media, and no social media at all. It's like having a honeypot of easily found money in your home (barely hidden in a sock drawer, etc) so that a potential thief will be satisfied with the find and not dig…

The definition of “acceptable” will just keep shifting

Re: Banks find AML "ineffective", propose access to social media

#30

Post by zeroCalories »

Is this really worthwhile? We already see that there are huge bot networks on social media that effectively hide from automated scanning with fake activity, made even easier these days with genai. The only way to combat this is for social media to have KYC(which at this point, I support), but that just offloads the problem on to social media.
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