I think you're misreading my use of the word absolutely. I was responding to the idea that KYC compliance is a joke. It is absolutely useful, that does not mean it prevents 100% of fraud absolutely.
> With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet?
I can't really get into our entire KYC and fraud prevention process, but I'll just say there are many more ways to vet someone's identity then simply asking for their SSN.
KYC is a joke. If you have information external to KYC for fraud prevention, that's something altogether different from KYC. The KYC requirements themselves are a joke and provide nothing in terms of verifying identity.
I think I probably agree with your general point that the mandated KYC practices are not enough to protect you and your stakeholders in and of themselves. That being said, I think you'd be surprised how much fraud fails to get through basic KYC checks. (I did not downvote you fwiw).
I'm very familiar with KYC, and fraud, etc. There's more than enough fraud that passes KYC to bankrupt your company. It's the additional work that keeps most companies of significant size in business.
> With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet?
I can't really get into our entire KYC and fraud prevention process, but I'll just say there are many more ways to vet someone's identity then simply asking for their SSN.