Imagine a world where your bank simply accepted you for an account or credit whenever you called them or went into a branch. There are no security questions, no need for identification, just a complete acceptance that you are the genuine person you say you are. Whilst it would admittedly make things quicker and easier, it would be a disaster. Fraud, deception and money laundering are still very important issues to the British public, and their protection from them is one of the most vital aspects of a bank or financial institution’s role.
Cases of Fraud, particularly from online systems such as email, social media and telephony routes, has increased dramatically. This has not been helped with the recent COVID19 epidemic. With the closure of branches, the need to use other forms of banking has become a regular way of life. It is here that the banks need to have a robust security and identification system. It’s where they’ll look to use something like an AML ID Verification system.
Without this use of security and identity checks, the financial world would be in chaos. The banks need to be one hundred per cent sure that you are who you say you are. Therefore, whilst it might seem ridiculous to confirm your details when the bank has called you or when you go to a branch, and you have to produce a certain document, even when the staff know you as a regular, it is part of an agreed way of working, laid down with the Financial Conduct Authority.