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Post by mrclondon on Oct 24, 2018 19:11:33 GMT
What are peoples thoughts on Kuflink's AML process after registering requiring a webcam or smartphone for facial recognition ?
I've uploaded a scan of my driving licence and now I'm being asked to enable a Webcam for facial recognition. I've aborted the AML process as I'll need to do a driver upgrade on my web cam first (every major version upgrade of Win 10 breaks it) , and I can't be bothered given the next Win 10 release is being rolled out over the next few weeks (And before anyone says use the mobile route for AML - I'm a smartphone refusnik !)
I really think this is taking AML/KYC to an absurd level. Whilst sensible at airport passport control, facial recognition seems to me overkill for investment purposes.
My concern is that platform growth in lenders could be constrained if enough people conclude like me that passing the AML check simply isn't worth the bother, and hence the issue becomes a platform risk.
Kuflink joins Blend Network on my list of platforms I can't be bothered to complete AML. Their loss.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 24, 2018 19:44:44 GMT
What are peoples thoughts on Kuflink's AML process after registering requiring a webcam for facial recognition ?
I've uploaded a scan of my driving licence and now I'm being asked to enable a Webcam for facial recognition. I've aborted the AML process as I'll need to do a driver upgrade on my web cam first (every major version upgrade of Win 10 breaks it) , and I can't be bothered given the next Win 10 release is being rolled out over the next few weeks (And before anyone says use the mobile route for AML - I'm a smartphone refusnik !)
I really think this is taking AML/KYC to an absurd level. Whilst sensible at airport passport control, facial recognition seems to me overkill for investment purposes.
My concern is that platform growth in lenders could be constrained if enough people conclude like me that passing the AML check simply isn't worth the bother, and hence the issue becomes a platform risk.
Kuflink joins Blend Network on my list of platforms I can't be bothered to complete AML. Their loss.
I'm not even happy with the passport/driving licence + utility bill, why is that all necessary? Name, address and birth date is probably enough passport or driving licence maybe if I'm keen, more than that forget it. Not to mention do I have a webcam?
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alibaba
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Post by alibaba on Oct 24, 2018 19:54:02 GMT
was considering this platform but no thanks
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jcb208
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Post by jcb208 on Oct 24, 2018 19:54:13 GMT
I Was never asked for webcam recognition ,just as well as I don't even have one  |
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Post by mrclondon on Oct 24, 2018 20:06:08 GMT
jcb208 - facial recognition possibly introduced since you signed up. After a bit of lateral thinking I've unplugged my web cam (which as per my OP is unusable as is), re-uploaded my driving licence (2 uploads as they require front and back separately, to be greeted with this:
What a palaver !
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dh1
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Post by dh1 on Oct 24, 2018 21:28:13 GMT
I too think that this identity stuff is way over the top. The electronic background checks - which the credit reference agencies are good at - seems to have been sufficient to date. Why change? And before anybody says "Anti Money Laundering" requirements, tell me what's changed in the last month!
Recently, somebody has started flogging a service to platforms which require all this documentation uploading and most bizarrely of all, selfies. If someone did a bit of basic security thinking rather than buying and imposing without thinking, we'd all be a lot better off.
Interestingly, proportionality is a key thrust of Data Protection/Human Rights law. As the new "service" seems to be distinctly disproportionate, it would make an interesting challenge if anybody has the time....
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 24, 2018 22:40:29 GMT
Pretty sure NatWest/rbs use this system. Who provides Kufflink client account?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 25, 2018 6:55:27 GMT
I wonder if anyone actually looks at all of this stuff, or if it's just ticked off as done and put on file. I don't have a camera on my pc or phone, I wonder what the next alternative is? Edit: They are saving me from myself really, if I can't register easily with some of these companies I can't risk any funds. |
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radar
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Post by radar on Oct 25, 2018 7:15:43 GMT
I got as far as taking a selfie only to be told no face found, after 3 attempts I gave up ,so I cannot lose any money with them either
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puddleduck
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Post by puddleduck on Oct 25, 2018 10:02:18 GMT
I'm a long standing user and this wasn't required back then.
I can tell you now that any platform or bank that requires nonsense with making videos or sending selfies is an instant no-no for me - either verify me electronically or you don't get my custom. It's a red line for me.
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jcb208
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Post by jcb208 on Oct 25, 2018 10:07:48 GMT
I'm a long standing user and this wasn't required back then. I can tell you now that any platform or bank that requires nonsense with making videos or sending selfies is an instant no-no for me - either verify me electronically or you don't get my custom. It's a red line for me. I agree If I had to go through that nonsense when signing up I would not of bothered and quickly moved on
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Post by mrclondon on Oct 25, 2018 10:16:43 GMT
Well it seems I'm not alone in regarding this in a rather negative light.
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Post by wiseclerk on Oct 25, 2018 10:26:23 GMT
I understand your sentiments but it is quite common here in continental Europe to have to do videoident if you want to open an financial account online. German Bafin has just slapped N26 bank because it felt that the process N26 had to onboard Portugeese customers was not fulfilling Portugeese regulation (and would not have been sufficient in Germany either).
In Germany you either use the old process, which is filling paper forms and handing them in at the post office where the clerck checks your id and then mails them off or you use video ident (which I personally dislike too, but from a security viewpoint I can understand why it is much safer then the british requirement hust to upload a scan/picture of id and proof of address).
As it is live with an agent, in a scam you could not reuse previously recorded video. And the agent makes you tilt the id at an angle against the light which reflects the security features. Sure that could be faked, but it would require at least minor effort.
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Post by paultw5 on Oct 25, 2018 23:07:12 GMT
I signed up about 4 months ago and would not have bothered if they wanted me to do that back then. I wonder if something has happened for them to want this. Some money laundering or referral scam, something else maybe...
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Post by kuflink on Oct 26, 2018 14:29:54 GMT
Thanks for all the feedback and we’re more than happy to shed light on our recent change. We’ve recently upgraded our registration to keep up to the latest standards. You need to verify your identity in order to top up and use your Kuflink account. This policy is in line with a UK banking regulation called 'Know your Customer’ (KYC) and is the process of a business verifying the identity of its customers. This verification process must be carried out before we can open new accounts and it’s becoming increasingly common that companies offering financial services to use facial recognition technology. It is simply an anti-corruption and fraud measure. It’s easy to complete the verification with your smartphone in seconds.
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