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Comment by gruez | Hacker News Reader

Any business vaguely money related knows exactly who you are because of KYC requirements. They don't need to ask for you phone number when they already have your full name, address, birthday, and SSN.

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> Any business vaguely money related knows exactly who you are because of KYC requirements.

They also will happily give your money to any thief pretending to be you, and then blame you for their mistake.

The bank would be responsible for getting the user their money back under US law, actually - even if it was the user’s fault due to bad security

Victims can spend hundreds of hours over the course of years navigating corporate and legal bureaucracies before their account balances and credit scores are restored. The system absolutely makes a bank error the victim’s problem to solve. Guilty until proven innocent.

Unless you’re in a jurisdiction in which they’re liable for that mistake.

I don't think there's any jurisdiction that puts the identity theft victim on the hook for fraud. Yes, you might get threatening letters or dings on your credit report/score while the issue gets sorted out, but that's not the same as being "blamed" for the identity theft, any more than someone wrongly accused of a crime is "blamed" for the mistaken identity.

There's probably no jurisdiction that says the victim is on the hook, but plenty where the victim is on the hook by default and it's not possible for them to exercise their theoretical rights.

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