A frustrating experience trying to login to an account leads to a rumination on how Know Your Customer (KYC) fails us and our humanity.
In the financial services industry, you need to be familiar with a procedure called Know Your Customer.
Know Your Customer—often abbreviated to just KYC—refers to the process in which a company verifies the identity of their customers. The idea is to prevent unauthorized access and increase security.
Have you ever called customer service of some banking or credit service and had to be asked a serious of oddly specific multiple choice questions about your past? If so, then you’ve been subject to KYC.
(As an aside, I have been asked questions so obscure about my life that I had trouble answering them, which made me briefly concerned that I wasn’t in fact me.)
All of this seems, if not straightforward, than at least sensible. No one wants a situation where someone else can impersonate you and, say, drain your bank account, or take out a car loan in your name.
But I fear that we have created a system which penalizes humans and doesn’t actually address the larger problems of fraud.
To start this story of woe, let’s talk about Capital One, and how all I wanted to do was log in.[Read more…] about I am not me: Capital One and the failure of Know Your Customer