Taking things at face value is something that can be a risky position to take. It’s something that banks and financial services certainly cannot do in any of their dealings. Behind the scenes of your bank there is an army of analysts and sense checkers who pour over reams and reams of data before they make a decision about what product to offer and what interest rate to charge. There is also considerable emphasis put on making sure that anyone making an application for a product or wants to conduct an action on an account is definitely who they say they are. If this process is not followed or is not robust enough then the consequences could be dire.
KYC, like that from companies such as www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer is vital to make sure that this security remains in place. Without it, any foreign body, on a large or small scale, can soon cause untold, and in many cases unrecoverably, damage. There are many people who have found to their cost when life savings have been emptied or the ability to pay direct debits is suddenly removed because money has been stolen.
It also means that you have to keep safe things like passwords, usernames and personal details. In many cases memorable information has been used to set an account. Whilst banks only ask for certain digits from this it is still needs to be hidden,